Incapacity planning is challenging on many fronts, as you have to come face to face with the idea that you may one day not be able to make your own decisions. And remember this: incapacity can strike at any time. This holds true even if you’re young and healthy.
If you’ve yet to consider the ins and outs of incapacity planning, now’s the time to do so. It’s a big addition to your estate plan, as it’ll give both you and your loved one’s peace of mind.
As you get started with incapacity planning, here are some questions you can answer to help you better understand your situation and options:
- Who do you want to make medical decisions for you?
- Who do you want to manage your finances?
- Do you have a living will?
- Do you have a financial power of attorney?
- Have you considered how to best pay for long-term care?
These aren’t the types of questions you answer on a whim. For example, it’s never easy to decide who you want to manage your financial affairs if you’re incapacitated. This person will take on responsibilities such as:
- Paying your bills and taxes
- Managing your investments
- Collecting income on your behalf
- Managing your real estate
- Paying insurance premiums
If you don’t have an incapacity plan in place, the court may step in to make important decisions such as who will manage your medical care and finances. This is a risk you don’t want to take, as they may appoint someone who isn’t the right fit for the role.
If you have any questions or concerns about incapacity planning, contact our law firm to connect with an experienced and knowledgeable attorney. We’ll explain your options, answer your questions, and help you create an incapacity plan that gives you and your loved one’s peace of mind.