When you think of estate planning, the majority of the people instantly think about executing the legal steps to ensure proper inheritance takes place when they die, and even though that is correct, it leaves out the execution of legal steps in the same common possible case that you are incapacitated in an accident, or due to an illness.
Considering that before your eventual death, you can experience a tragic accident or illness that can leave you incapacitated; one of the best gifts for your loved ones is estate planning for incapacitation. Incapacitation, different from death, can be a temporary event or an event that will ultimately end in your death. And due to the uncertainty of the event, incapacity planning is highly beneficial.
As a matter of fact, incapacitation can be more emotionally harsh for your loved ones than death. The prolonged impact will take a toll on your loved ones, financially, as well as emotionally. Not properly planning for incapacitation, leaves you and your family in a state of vulnerability, in the case of a tragic incident.
Where to Begin:
Planning for incapacitation is drastically different from planning for death. In the case of an accident or an illness, someone is responsible for taking care of you. The legal authority, that you determine, oversees your financial situation, as well as your living situation. In the case, that you recuperate from the accident or illness, the legal power placed is revoked. In the case that you do not recuperate, and complications lead to death, your death, similarly, cancels the legal power you had assigned when you were around.
The first thing you must ask yourself is “In the case that I experience an accident or illness and I no longer can make my own decisions, who do I want to be taking care of me?
Naming Someone:
It is crucial to name someone. If you do not name someone, the court is responsible for naming someone. When the court has access to this, someone you may not have wanted, may have the legal authority to take care of you and oversee your finances. Not only would you not want the courts to have that power, but the process of naming someone can take a long time, which creates agonizing emotional stress on your loved ones. Conflicts can surge on medical treatments, as well as the member named as authority, making the situation difficult.
Although estate planning for incapacitation may look similar to that of death it differs per situation. The ideal disability plan includes Healthcare Power of Attorney, Living Will, Revocable Living Trust, as well as Durable Financial Power of Attorney.
Seeking guidance from an estate planner for incapacitation can help you determine what is best for you in your specific and personal case. Do not let a tragic incident lead to worse. Contact us to learn more about your personal options for your estate planning for incapacitation.
