Incapacity planning is exactly as it sounds- It’s the process of planning for future incapacity due to injury or illness. Working on this now is the key to securing your family’s future in the event something happens to you that causes you to become incapacitated.
If you don’t take incapacity planning seriously while you’re in good health, it could come back to haunt you after it’s too late to do anything about it.
Here are some ways to tackle Incapacity Planning:
- Living Will: A Living Will allows you to make advanced decisions regarding your medical care. A Living Will allows you to remain in control of your care, even if you’re unable to share your wishes with your medical team. Not only does this give you peace of mind, but it also takes stress off of your family members, who may be relieved to know they don’t have to make key decisions for you.
- Financial Power of Attorney: If you become incapacitated, you will need someone who can manage your finances until you regain capacity. You can provide your agent the ability to pay your bills, collect paychecks, invest, manage real estate, maintain insurance coverage, and manage other necessary financial affairs.
- Revocable Living Trust: A Revocable Living Trust allows you to name a Successor Trustee, who will manage any assets in the trust if you’re incapacitated. A Revocable Living Trust has added benefits after your death, such as allowing your heirs to avoid the probate process and protect your privacy, which is why many prefer it over using a Will alone.
If you have questions, concerns, or require assistance getting started, contact our law firm to schedule a consultation with one of our experienced Owings Mills estate planning attorney. We can help you proceed in an efficient, effective, and pleasant manner. Be sure to protect your family today in the event of incapacity — or worse.