When you are contemplating the future you would do well to see a holistic picture. Planning your estate is part of the equation, but it is also important to consider all of the eventualities of aging and take the correct legal steps to protect yourself and your family.
This is going to involve planning for the possibility of incapacity.
There is a Catch-22 present when it comes to this subject. When you are perfectly lucid you may see no need to concern yourself with a loss of cognitive abilities.. But if you wait until you are in fact impaired then how will you recognize it? It’s too late then.
This scenario may have played a role in the life of the legendary Oscar winning actress Celeste Holm. This star of stage and screen died recently at the age of 95 with her resources severely depleted due to a legal battle that she waged with her sons prior to her death.
Holm married a man over 40 years younger than her in 2004, and her sons were dismayed with her subsequent planning decisions. It should be noted that Holm was reportedly treated for memory loss in 2002.
People have a right to do as they please regardless of how old they may be. However, when you are not 100% you may make decisions that you would not have made under better circumstances.
Taking the correct legal steps in advance is clearly the wise course of action.
If you would like to discuss incapacity planning techniques with an expert, don’t hesitate to pick up the phone to arrange for a consultation with a good Oklahoma City estate planning lawyer.
Author, President and Founding Attorney
Parman & Easterday