Planning for Incapacity
We never know what’s around the corner.
While no one likes to think about becoming incapacitated, it’s an essential part of estate planning. And it’s not just for seniors; any of us can get in an accident or become very sick without warning.
What would happen if this were you? Who would have access to your bank accounts and pay your bills? No one wants a period of incapacity to wreck finances that may have been accumulated over years.
Who would make medical decisions for you? How would you make sure you are taken care of in the right way? Many people have very specific wishes regarding their care, which their families know nothing about.
Planning for incapacity addresses these concerns and more.
Incapacity planning means taking precautionary measures for temporary or permanent incapacity (the inability to decide for oneself).
- Medical power of attorney: This allows the person you choose, such as a friend or relative, to make medical decisions for you.
- Financial power of attorney: This allows the person you choose, such as a friend or relative, to make financial decisions for you.
- An advance directive (also called a living will): This documents your preferences for treatment to keep you alive.
- HIPAA authorization: This allows the people you choose to access your medical records.
- Designation of guardian: This grants guardianship, in the event you need one, to a person of your choosing.
Not having these documents in place can be dangerous.
If something happens to you without these documents in place, it can be challenging, if not impossible, to manage your financial affairs. And your family and medical team may not know what kind of care you want.
A court could have to intervene and make decisions that may not align or are entirely at odds with your preferences and wishes.
Don’t let this happen to you.
We can help you create a comprehensive incapacity planning strategy.
Call now, and let’s get started today.