Everyone would like to grow old gracefully and in full possession of their wits. However, for many people it doesn’t work out that way. In fact, one in eight baby boomers will have dementia before they pass away. How well your legal, financial and healthcare affairs are handled when you have dementia are often the result of how well you have planned ahead for the possibility of dementia.
At an absolute minimum, you should plan for the possibility that you will not be competent to make important decisions. For example, if you cannot make a decision about your healthcare, who will make it? If you do not plan ahead, it could be doctors or a judge making the decision. You can easily pick the person you want to make the decision by having an attorney draw up a Healthcare Power of Attorney document for you. A similar thing can be done so that you can decide who handles your financial affairs.
Hopefully, you will not be one of the unfortunate people who suffers dementia when they age. However, you cannot know in advance whether you will be or not. The one thing that you can do in advance is to plan ahead just in case.