To create a legally binding estate plan, you have to create your documentation with an appropriate amount of mental clarity, oftentimes referred to as testamentary capacity. In short, possessing testamentary capacity means that you have the mental wherewithal to understand the nature and extent of your assets and how the estate planning documentation in question disposes of them. This may seem like a simple enough concept, but it can become difficult to address when a serious medical condition like Alzheimer’s is at hand.
Can you create an estate plan if you have Alzheimer’s or dementia?
Yes. However, you’ll want to take steps to ensure that you demonstrate that your legal documentation was created with the requisite testamentary capacity, otherwise it may be deemed legally invalid. This may mean doing the following:
- Seeing your doctor shortly before signing off on your documentation so that you have a recent professional opinion as to your mental clarity.
- Surrounding yourself with plenty of witnesses who can attest to your mental state at the time of document execution.
- Having conversations with your family members early on so that they understand your estate planning intent before your medical condition gets too bad.
There may be other steps you can take to protect yourself in this situation, too. For example, utilizing “no-contest” clauses may dissuade your loved ones from challenging your estate. Be sure to talk to your attorney about the best way to approach your unique set of circumstances.
Do you have questions about estate planning?
If so, don’t hesitate to ask them. Waiting too long could put you at risk of passing away with inadequate estate planning documentation, which could leave your assets susceptible to distribution that’s contrary to your wishes. So, if you need more information about how to create the estate plan that’s right for you, then now is the time to seek the answers you need.