People are more likely than ever to live long into old age. While improved life spans allow many to lead fuller and longer lives, the downside is that many people will live their final years with diminished mental capacity. For example, one in eight baby boomers will develop Alzheimer’s disease after they turn age 65. An article in Forbes discusses three documents that everybody should prepare and sign to prepare for the potential of living the remainder of their lives in a diminished mental, or otherwise incapacitated state. It is important to prepare and sign such documents now, because typically once a person becomes incapacitated, it is legally too late to create or change these documents, and a court may then make these important decisions for you. Health Care Power of Attorney A health care power of attorney allows you to appoint the person that will make medical decisions for you when you are no longer able. Be careful choosing this person, as they will have access to all of your medical records. It is a good idea to sign several copies of this document, one for yourself, your selected power of attorney, health care agent, and an advisor such as your estate planning attorney. Living Will A living will allows you to express your wishes for end-of-life care. While you may not be able to account for every possible contingency, you can address common issues, such as whether you’d like measures taken to prolong your life should you be in a non-functional state. Durable Power of Attorney After your health is taken care of, it is important to appoint someone to take over your financial and legal matters. The duties could entail anything from paying your bills to managing your investments. When drafting these documents, you are also able to specify whether the power of attorney will take effect at the moment you execute the document, or when you become incapacitated. For assistance with these, or any other estate planning forms, call us at 818.956.9200.