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How To Plan For Incapacity
One
very important part of estate planning that is often overlooked is
Incapacity or Disability Planning. Most people view estate planning as
planning for what happens after you die. However, what would happen if
you became mentally incapacitated? To
take care of yourself and to maintain control of your financial affairs
during a period of incapacity, you should have an Advance Medical
Directive, a Financial Power of Attorney, and, in some cases, a
Revocable Living Trust. An
Advance Medical Directive will allow you to appoint someone you trust
to make health care decisions for you if you are unable to make these
decisions yourself. It is very important to choose someone who is
available and who would be comfortable making these types of decisions
for you. A
Financial Power of Attorney will allow you to appoint someone you trust
to make financial decision for you, such as paying your bills, managing
your property and access your bank accounts. A
Revocable Living Trust can also be used for disability planning. By
transferring your assets to a Trust, your trustee can access and manage
the assets for your benefit. Because all Revocable Living Trusts are
not drafted the same, make sure your estate planning attorney includes
language to take care of you and your assets if you become
incapacitated. If you are in the process of drafting your estate plan,
make sure your attorney includes a comprehensive incapacity or
disability plan. What Happens Without an Incapacity or Disability Plan? If
you become incapacitated and you do not have an Incapacity or
Disability Plan in place, a court-imposed process called Guardianship
or Conservatorship will be used to appoint a guardian or conservator
for you. This means that state law and not someone you choose will
decide how you should be taken care of and how your assets should be
managed and spent. |
You’re invited to call or
e-mail. "If you have questions about estate planning, asset protection, assisted reproduction or surrogacy, please send your e-mail today to nicole @ kinseylawgroup.com or call (301) 968-1630." — Nicole
Phone: (301) 968-1630 * Phone: (202) 643-1837 * Fax: (888) 559-8856
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