Creating an estate plan when a person has a chronic illness

On Behalf of | Jul 11, 2019 | Powers Of Attorney

Those living in Nevada and anywhere else in the country who have a chronic illness should create an estate plan. The same is true for those who have loved ones who are dealing with cancer, Alzheimer’s disease or similar conditions. By 2020, it is expected that 157 million Americans will be dealing with an issue that causes ongoing and long-term health issues.

One out of four people between the ages of 65 and 74 will experience quality of life issues because of an illness. By the time a person reaches age 85, there is a 50/50 chance of him or her experiencing a mental decline, and an estate plan can be tailored to help handle any issues that such a decline could cause.

Generally speaking, it is a good idea to create an estate plan as soon as possible. Doing so will make it easier to create the plan while of sound mind, which can improve the chances that it will be seen as legitimate. Among the documents that a person may want to include are a Health Insurance Portability and Accountability Act (HIPPA) release form and a living will. The HIPPA release form allows an agent to gain access to medical records, and the document can be as broad or narrow as a person wants it to be.

Granting powers of attorney may make it easier for a person to manage his or her own financial and medical needs. These powers may take effect immediately or after a person experiences a level of cognitive decline. Any person of sound mind or entity may act on behalf of someone who creates a power of attorney form. Therefore, an attorney may act as a financial or medical agent if an individual asks for that to happen.