Top Elder Law Attorney Michael Huguelet Points To Rise In Dementia And Importance Of Estate Planning – Orland Park, IL
Oct 1, 2020
Leading estate planning attorney Michael Huguelet, founder of the Law Office of Michael T. Huguelet, P.C. in Orland Park, IL, outlines the importance of estate planning amid significant rise in dementia. For more information please visit https://www.hugueletlaw.com
Orland Park, IL, United States - September 30, 2020 /MM-REB/ —
In a recent interview, leading elder law attorney Michael T. Huguelet, founder of the Law Office of Michael T. Huguelet, P.C. in Orland Park, IL, revealed the importance of estate planning for a spouse amid the rise in dementia.
For more information please visit https://www.hugueletlaw.com
When asked to comment, Huguelet said, “With the onset of dementia comes symptoms such as loss in memory, poor thinking, and a decrease in problem-solving skills. Due to this loss in mental function, it's imperative to have an estate plan in place.”
He further added that there are several main documents to have in place for those who have spouses with dementia.
In his experience, Huguelet says that the healthy spouse should have a living trust.
Huguelet continued by saying, “The ideal time to plan is before any illness is diagnosed, however we may still design a plan using a living trust if their spouse has dementia. Many assets can be placed in this trust, and it allows for the healthy spouse to take control of the assets and keep everything functioning normally. This also means that as the spouse with dementia declines he or she will not be taken advantage of or misappropriate assets."
The symptoms of dementia render people unable to understand financial documents, their assets, or even to recognize their family members.
“Once your spouse’s dementia has progressed this far, then he or she will be unable to draft or make changes to an estate plan themselves, which is why documents such as a living trust are a must, and should be done as early as possible,” he commented.
Huguelet added that living trusts allow room for further planning.
When asked to elaborate, he said, “Let’s say that the healthy spouse falls ill or passes away. With a living trust, a successor trustee can be appointed to take over the management of the trust for the benefit of the disabled spouse.”
While having a living trust is highly recommended, Huguelet says that if one has not been put in place, then an updated Will, financial power of attorney and healthcare proxy is essential.
He added, “A Will that reflects your most recent wishes will ensure that your assets land in the right hands. If you don’t have a Will, then the state will decide what happens to your assets after death. A financial power of attorney and health care proxy allow you to choose a person to make financial and medical decisions for you when you are no longer able to do so safely for yourself.”
“If a spouse with dementia is not in the right mindset to make sound financial decisions, then they could be vulnerable to predatory behavior. But this can easily be avoided by setting up a trust for the benefit of your disabled spouse,” he said.
Furthermore, Huguelet added, “This living trust will continue protecting your spouse and their assets in numerous circumstances after you have passed on.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Website: https://www.hugueletlaw.com
Source: MM-REB
Release ID: 88977842
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