It is important to address medical issues when you are devising your incapacity plan, and this is done through the utilization of documents called advance directives for health care. One of them is a living will. Medical professionals can sometimes keep people alive indefinitely through the utilization of artificial life-sustaining measures when there is no hope of recovery. You can state your life-support preferences in a living will. Health care matters that are not related to … [Read more...] about Are there any other incapacity planning documents that should be included?
Incapacity Planning FAQs
You could account for them through the execution of a durable power of attorney for property. The agent that you name would be able to make legally binding decisions on your behalf with regard to property that is in your direct personal possession. … [Read more...] about What about assets that have not been signed over to a trust?
Yes, this is one of the many benefits that you gain when you use a revocable living trust as the centerpiece of your estate plan. While you are alive and well, you can serve as the trustee, so you would have total control of the assets in the trust. When you establish the trust declaration, you could name a disability trustee. This individual or entity would be empowered to administer the trust if you become unable to do so. … [Read more...] about Can you account for incapacity if you have a living trust?
For one, if you are like most people, you would prefer to be the person that chooses who will make decisions on your behalf if it becomes necessary. When a guardianship is convened, the court makes this decision. There is also the matter of disagreements among your loved ones. Everyone may not be on the same page with regard to the person that should act as your guardian. This can cause acrimony during a difficult time when family members should be coming together to support one another. … [Read more...] about What are these negatives?
It is true that there is a mechanism that would come into play under these circumstances. Interested parties could approach the court to appoint a guardian to act on your behalf in the event of your incapacitation. A guardianship can provide some type of solution under difficult circumstances, but there are some potential drawbacks. … [Read more...] about Doesn’t the state take care of the matter if you become incapacitated?
In reality, incapacity is much more common than many people realize. To wrap your head around the subject, you have to become cognizant of a surprising longevity statistic. Most people expect to live long enough to collect Social Security, and once you reach your mid-60s, your life expectancy is somewhere in the vicinity of 85 years. Life as an octogenarian can certainly present challenges that you never faced before. Alzheimer’s disease strikes four out of every 10 people in this age … [Read more...] about Incapacity strikes a small percentage of senior citizens, right?