Why Is Incapacity Planning Important? The Law Office of Paul Black can answer your questions regarding this matter and more. Contact us for a consultation!
What Is Incapacity Planning?
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If you’re worried about what could become of you or your loved ones and dependants if you fall ill and become incapable of making decisions, you might want to consider incapacity planning.
Incapacity planning is a process that entails the preparation of legal documents or legal mandates that authorize specific persons to handle your healthcare and financial decisions in case you become incapacitated in the future.
It is an important aspect of estate planning that helps you protect yourself, your spouse, and your dependents by setting up a system of decision-making to operate when you’re unavailable due to your physical/mental incapacity.
It is a great way to proactively take charge of what happens to you if you suddenly become incapacitated due to sickness or an accident. You can ensure your wishes are carried out to the letter by preparing an incapacity plan to take care of such contingencies.
Read on for more reasons why you need to consider having an incapacity plan and how an estate planning attorney can help you get started.
When to Begin Incapacity Planning
For most people, incapacity planning becomes a major consideration in the following circumstances:
Long-term or terminal illness: Persons diagnosed with Alzheimer’s disease, cancer, or other terminal illnesses that involve a slow deterioration of their mental facilities are often prompted by their diagnosis to begin estate planning as fast as possible.
A life-changing event like divorce or loss of a spouse: Divorce or the death of a spouse can prompt incapacity planning. Such situations may result in a reassessment of assets and personal plans.
Loss of a family member: Witnessing a loved one become incapacitated while their finances are poorly managed has also led many people to think about incapacity planning to secure their future.
You don’t have to wait until any of the above happens to you, as one can never be too certain about their health. Accidents can happen anytime, so it is better to take steps immediately and state your instructions to take care of any eventualities.
You can speak with a skilled incapacity planning lawyer to ensure that you have the appropriate documents in place.
How an Estate Planning Attorney Can Help
There are a lot of legal aspects to incapacity planning, so you would likely benefit from working with an estate planning attorney to create your plan.
Your attorney can advise you, assess your case, and develop an incapacity plan that meets your needs, either independently or as part of your general estate plan.
Your attorney can also ensure that the incapacity document(s) you choose to utilize complies with the legal requirements for validity. This way, you can be sure that your plan can be carried out without impediments.