Stock Power Of Attorney With Dementia
Description
How to fill out Michigan Limited Power Of Attorney For Stock Transactions And Corporate Powers?
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FAQ
Typically, as long as dementia is minor or nonexistent, a person in the beginning stages of a dementia-causing disorder will be deemed mentally competent in the eyes of the law.
In most cases, if a person living with dementia is able to understand the meaning and importance of a given legal document, he or she likely has the legal capacity (the ability to understand the consequences of his or her actions) to execute (to carry out by signing it).
A dementia diagnosis doesn't necessarily mean you're unable to make important decisions at that point in time. But as symptoms of dementia get worse over time, you may no longer be able to make decisions about things like your finances, health or welfare. This is sometimes referred to as lacking mental capacity.
Advance directives for financial and estate management must be created while the person with Alzheimer's or a related dementia has legal capacity" to make decisions on their own, meaning they can still understand the decisions and what they might mean.
One way to protect your marital assets is to have your spouse create a durable power of attorney for finance. A power of attorney allows the individual to designate someone to make financial decisions for them should he or she become incapacitated. In the case of a married couple, this is usually the person's spouse.