Alex Kincaid

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As we age, our likelihood of mental incapacity increases. After all, our bodies and minds deteriorate as we age. Mental incapacity could result from dementia, stroke, brain injury, or other illness. What is mental incapacity and in what ways can you plan to be best prepared for it?

You are mentally incapacitated if you are unable to carry out your affairs. Meaning, you can’t make meaningful decisions that are in your best interests regarding your finances or your property. Now that doesn’t mean that if you make financial decisions that others don’t agree with that you are incapacitated. Just because you decide to spend your money in an unusual way doesn’t mean that you can’t handle your affairs. Instead, some questions to ask are: Do you have a sound reason for this decision? Do you understand the nature of and repercussions of this decision? Is this decision detrimental to your financial health?

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