People are routinely living into their late eighties and nineties these days. Life is a gift and we all welcome each new day but there are certain perils looming when for those who reach an advanced age. Dementia is one of those risks and it is in fact alarmingly widespread. Statistics tell us that approximately 50% of people eighty-five years of age and older are suffering from some form of dementia. Though the severity of these cases can vary widely, those who suffer the effects of dementia generally are unable to make their own medical and financial decisions in a sound manner.
For this reason it is a good idea to include durable powers of attorney in your estate plan. You can execute a durable medical power of attorney and appoint someone that you trust to make health care decisions in your behalf. In addition, you can appoint an attorney-in-fact to handle your financial matters via the execution of a durable financial power of attorney.
Though you may well enjoy mental clarity throughout your final years, it is a good idea to be prepared for any eventuality. If you do need others to make decisions in your behalf at some point in time it is comforting to know that they will be people that you have personally selected rather than a guardian appointed by the court.