Preparing for the end of life is usually one of those topics that falls
to the back burner. We know we should do it, but it is not the most pleasant
topic to discuss. According to current studies, on average only four out
of ten American’s have completed their Estate Planning. With the
unfortunate uncertainty that has been caused by coronavirus, it is now
more important than ever to make sure both your financial and health care
documents are put in place.
Incapacity Planning, also referred to as life planning, is planning for
the unfortunate circumstance of becoming unable to control your finances
or health decisions. This could be brought on by a car accident, illness,
or old age. If you don't plan for your incapacity, you run the risk
of the courts interfering and acting inconsistently with your intended desires.
The two major realms of incapacity planning are control over finances and
control of health decisions. There are legal documents that can be executed
to give that control to specific person(s) whom you feel would make the
best decisions on your behalf. Making your own choices is always better
than surrendering your decisions to a court who has never met you.
The following are the most common tools used in incapacity planning:
The Durable Power of Attorneyis a legal document that gives someone (the principal) else the authority
to act on your behalf (in your place). Read more here:
The Health Care Surrogate Designationis very similar to the durable power of attorney; however, the person designated
is able to make medical decisions on the behalf of the person without
capacity. Read more here:
The living trustis very useful in Estate Planning. This formation is called a "living
trust" because it is established while you're (or grantor, settlor
or trustor) alive. The living trust is always revocable – which
means you can cancel the trust and take back the assets at any time and
for any reason as long as you have capacity. Read more here:
The Declaration of a Pre-Need Guardianis a written legal document that dictates your preference for a guardian
for both you and your property if you become unable to conduct your own
affairs. Read more here:
The living willis crucial to have and its provisions should be consistent with other incapacity
planning objectives. The Living Will expresses your desires regarding
life-prolonging measures in the event of a terminal illness or vegetative
state. Read more here:
Even if you have completed your Estate Planning, you must have it reviewed
on a regular basis. Contact the Attorney’s at The Presser Law Firm,
P.A. for a complimentary preliminary consultation today.
The Presser Law Firm, P.A.
6199 N. Federal Highway, nationwide FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com