Estate Planning Tips: Don’t Forget Incapacity

Most people are familiar with the idea of using estate planning as a way of determining what happens after they pass away, but there are also benefits to planning ahead for possible incapacity. Thinking about this could be critical for setting aside instructions for personal care and determining who can help manage your assets in the event that you become incapacitated. 

Without the health care decisions being made by you and documented in legal forms, your family members might have to petition the court in order to make healthcare decisions for you or to manage your assets. An incapacitation could occur after a heart attack, stroke, or other health crisis, and these events are more common than you might think.

There are a few documents that can help protect you in the event of incapacitation. The first is your durable power of attorney, which gives you the right to name someone else to manage your financial affairs. To take it one step further, you might also wish to put together a revocable living trust. A healthcare power of attorney and a HIPAA authorization are other documents that you should consider using for incapacity planning. These instruments keep your family from undergoing additional stress and frustration in the event that something happens to you. Contact us at info@lawesq.net.