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 Attorney is 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 Designation is 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 trust is 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: https://www.assetprotectionattorneys.com/Estate_Planning/Incapacity_Planning/Pre_Need_Nomination_of_Guardian.aspx
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, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com