Although it doesn’t happen often, the flu can kill. That is what happened to a 21-year-old in Citrus Heights less than 24 hours after his birthday. Almost immediately after his birthday celebration, Yuriy Yaroshenko began feeling ill and was rushed to the hospital. Despite several hours of intense medical treatment, his organs shut down from the high fever and he died.
Sacramento County flu-related deaths
According to Sacramento County officials, there have been only three recorded deaths during the 2016-2017 flu season. Yuriy’s parents report that their son died from a killer flu and not another illness such as meningitis, based on the test results from his spinal fluid. This type of unexpected death often serves to remind us of the necessity of engaging in estate planning, which will prepare you and your family for the possibility of incapacity and death.
Planning for possible incapacity
Incapacity can be the result of a medical condition or an injury. The legal concept of incapacity refers to the ability to understand the potential consequences of a legal proceeding. However, when you are dealing with estate planning issues, incapacity refers to a person’s ability to manage their own affairs and make their own decisions.
In addition to mental incapacity, your inabilities can also be physical in nature. Whatever makes it difficult or impossible for you to take care of your own affairs. Without an estate plan that addresses incapacity, the court may end up appointing a court-supervised conservator to take care of you.
Advance Health Care Directives
An Advance Health Care Directive is simply a legal document that allows you to delegate medical care and treatment-related decisions to someone else in the event you cannot make them yourself. These directives permit you to choose someone to manage your medical decisions. They can be created so that they take effect even in cases of temporary incapacity.
Financial Power of Attorney as part of incapacity plan
Along with medical decisions, incapacity may also require the need for assistance in handling financial matters. For this type of assistance, you will likely need a Financial Power of Attorney which allows you to select someone you trust to manage your affairs. Ask your Sacramento estate planning attorney about your options.
Planning for death
The second purpose of estate planning is to decide how you want your estate to be handled after your death. One of the primary estate planning tools that accomplishes this is the Last Will and Testament. A Will is a set of written instructions regarding how you want your estate to be distributed upon your death. A Will can also nominate a guardian for your children in the event you pass away while they are still minors. One disadvantage of a will is that the property must go through probate before the assets in your estate can be distributed. For many persons with more than minimal assets and/or who own real estate a revocable living trust-based plan is generally a better option.
The time to start your estate planning is now
Many clients put off starting on an estate plan because they believe they are too young or they don’t have sufficient assets in their estate. But, in reality, no one can predict how long they will live, or whether they will suffer from an illness or accident that leaves them incapacitated. For that reason, estate planning should be a priority sooner rather than later. Once disaster strikes or the unexpected happens, it may be too late. The families of clients who don’t plan ahead are left to pick up the pieces, often without any idea how to start.
Estate planning is not that expensive
If the prospect of proper estate planning seems too expensive or overwhelming, you can always begin with a simple initial plan and add to it as appropriate. This is especially true for single individuals or young families. A smaller family structure may only require a will, term life insurance, and powers of attorney for assets and health care decisions. As your needs and the needs of your family change, you can always develop your plan as necessary. An experienced and qualified estate planning attorney will be more than capable of providing the necessary guidance and peace of mind you will need to guarantee you and your family will be provided for in the future.
Download our FREE estate planning checklist today! If you have questions regarding wills, or any other estate planning issues, contact the Northern California Center for Estate Planning and Elder Law for a consultation, either online or by calling us at (916) 437-3500.
Latest posts by Timothy P. Murphy (see all)
- 529 Plans: Planning for Education with a Tax and Asset Protection Bonus - September 17, 2019
- What Is a Spendthrift Trust? - September 15, 2019
- What Can I Do to Prevent My Beneficiaries from Contesting My Will? - September 13, 2019