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Mental Health Considerations in Estate Planning
Embracing our vulnerabilities includes addressing mental health with compassion and understanding. Recognizing that mental health issues touch the lives of many—approximately one in five US adults—are impacted by mental illness is the first step toward destigmatization and seeking the support many need. This understanding encourages more individuals to seek professional mental health guidance and consider how these challenges affect their future planning.
It's highly likely that either you or someone in your family is navigating the complexities of a mental health condition. Addressing mental health proactively, rather than avoiding the conversation, is essential. It's about acknowledging the realities of mental illness and integrating these considerations into your estate planning with clarity and foresight.
Estate planning intersects deeply with mental health, requiring sensitivity and thoughtfulness. Whether establishing a new estate plan or modifying an existing one to include mental health considerations, our team is dedicated to providing the support and expertise needed. We invite you to reach out to us for a consultation with an estate planning attorney who understands the nuances of these issues.
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Describing America's mental health situation as a crisis is not an overstatement. With nearly 50 million Americans affected by mental illness, the scope of this issue is broad, touching every segment of society. The ongoing coronavirus pandemic has only intensified these challenges, exacerbating feelings of loneliness, anxiety, and depression and increasing the incidence of suicide and self-harm.
Acknowledgment of the mental health crisis is the first step toward improvement. Engaging in conversations with healthcare professionals about mental health struggles is crucial for finding effective treatments and better outcomes. An essential part of these outcomes includes creating or updating an estate plan that thoughtfully considers mental health, ensuring preparedness for you or a loved one's needs.
Integrating Mental Health into Your Estate Plan
Personalizing your estate plan to reflect individual and family needs is critical, especially when mental health is a concern. Various legal documents can provide peace of mind and security for those dealing with mental health issues, including:
- Financial Power of Attorney - This document allows you to designate someone to manage your finances, ensuring responsible handling of your assets if you're unable to do so yourself.
- Medical Power of Attorney - This grants a trusted individual the authority to make healthcare decisions on your behalf, should you become incapacitated.
- Revocable Living Trust - A flexible tool that holds your assets for your benefit during your lifetime and specifies how these should be distributed upon your death or incapacity, taking into account mental health conditions.
For these documents to be effective, it's crucial that they're executed while you possess the mental capacity to do so. Consider obtaining a professional evaluation to confirm your capacity, safeguarding against future disputes over your estate plan.
Caring for Beneficiaries with Mental Health Issues
When a beneficiary struggles with mental illness, ensuring your legacy supports their best interests is paramount. Discretionary trusts and special needs trusts offer structured ways to provide for a loved one with mental health challenges, ensuring they benefit from your legacy without compromising their eligibility for public assistance.
Mental health conditions vary widely in severity and impact, from severe disorders like bipolar disorder and schizophrenia to more common issues like anxiety and depression. Estate planning can be a proactive step in managing these concerns, offering protection and support tailored to the unique needs of your family.
Every family's situation is distinct, and your estate plan should reflect your current knowledge, adaptable to future changes. For guidance on incorporating mental health considerations into your estate plan, please contact us. Our team is here to help navigate these sensitive areas with empathy, professionalism, and expertise.
Call Ball Morse Lowe - Estate Planning Attorneys Oklahoma
Ball Morse Lowe provides experienced counsel and unwavering support to individuals navigating the complexities of estate planning. We encourage proactive engagement to protect your family's future and stand ready to guide you, championing the rights and welfare of your family and loved ones by honoring your wishes for your estate. Contact Ball Morse Lowe at 405.701.5355 or via email at clientintake@bml.law to commence your journey towards securing the peace and tranquility your family merits, with our devoted team advocating fervently on your behalf.
Sources:
[1] You Are Not Alone, National Alliance on Mental Illness, https://www.nami.org/NAMI/media/NAMI-Media/Infographics/NAMI-You-Are-Not-Alone-FINAL.pdf (last visited Oct. 5, 2021).
[1] The State of Mental Health in America, Mental Health America, https://mhanational.org/issues/state-mental-health-america (last visited Oct. 5, 2021).