When you hear the phrase “incapacity planning” what comes to mind? While this is a broad area of the law, it is something that you need to take into consideration when creating an estate plan. If you neglect to think about the future, a future in which you could become incapacitated, it is possible that your wishes may not be followed.
There are many facets of incapacity planning, but it all comes down to one thing: the way that you are cared for in the event that you are mentally or physically unable to care for yourself. When you create the right plan now, you don’t have to worry about something going wrong if you ever end up in this position.
The type of care you receive could range from something simple, like paying bills or grocery shopping, to something more complex, such as making medical decisions that could impact you on many levels.
Your incapacity planning strategy may not be the same as the next person, and there is a reason for this: no two people are in the exact same position. You may have one set of goals in mind, while somebody else is looking to accomplish something completely different.
Some of the best planning techniques include: powers of attorney, living wills, guardianships, and advanced health care directives.
Do you need all of these? Once again, it all depends on your situation and what you are trying to accomplish. Some people are okay with nothing more than a living will. Others, however, want to take as many steps as possible when it comes to incapacity planning. They are concerned of a mistake being made in the future, and will do whatever it takes to protect against this.
What is a Guardianship?
If you have any concerns over who will care for you in the event that you become incapacitated, it is important to consider the finer details of guardianship. With this, you can name the person who will manage all your affairs if you become incapacitated.
When to Consider Incapacity Planning
Some people never consider the finer details of incapacity planning until they reach retirement age. While you are more likely to become incapacitated later in life, this can happen at any time. For this reason, you should not put this off any longer. It would be in your best interest to focus on this as soon as possible. Not only does it give you peace of mind, but it is also one less thing your family has to worry about in the future.
How to Get Started
Now that you have a clear understanding of incapacity planning, including what it means, you need to get started. Much the same as an estate plan, you may require the assistance of an attorney.
When searching for an incapacity planning attorney, ask the following questions:
- How much experience do you have with incapacity planning?
- Do you have any suggestions as to what I can do to improve this part of my estate plan?
- Are there details I am overlooking regarding incapacity planning?
- Is it possible to change my incapacity plan in the future if need be?
- Who should I discuss this with?
By asking these types of questions, you can be rest assured that you and your attorney are on the same page. Furthermore, the answers go a long way in helping you clear your mind and get a better idea of what you need to accomplish to put this behind you once and for all.
If you have any questions about estate planning, don’t hesitate to download our free report entitled “Fifteen Common Reasons To Do Estate Planning.”
This report will help you better understand many aspects of creating an estate plan, which includes details on what will happen if you become incapacitated.
There is a lot that goes into incapacity planning, but this should not stop you from making sound decisions without any delay. As long as you know what you are doing, as long as you avoid mistakes, you will end up with a plan that is perfect for you and your loved ones. It’s not the most exciting thing you will ever do, but incapacity planning will give you a sense of accomplishment. Contact Attorney Stephanie Thompson at 608-824-9540 for your questions regarding incapacity planning.
- What You Need to Know About SECURE Act 2.0 - March 30, 2023
- Show Your Love by Creating an Estate Plan - March 15, 2023
- What Happens When You Don’t Trust Your Trustee – Part II - March 7, 2023