Estate Planning Is Not Just About Death
Why Incapacity Planning Matters
Many people believe estate planning is only about what happens after death. While that is an important part of the process, it is only one piece of the estate planning puzzle. It is just as important to plan for what happens if you become unable to manage your financial or medical affairs while you are still alive.
This situation is known as incapacity, and without proper planning, your loved ones could face unnecessary stress, delays, and court involvement.
What Happens Without an Incapacity Plan
If you become incapacitated and do not have an incapacity plan in place, a court will step in to make decisions for you.
A judge may appoint
• A guardian to make personal and medical decisions
• A conservator to manage your finances
These court appointed roles are based on state law, not your personal wishes. The person chosen may not be someone you would have selected yourself.
Choosing Your Financial and Healthcare Agents
An incapacity plan allows you to stay in control by naming trusted individuals to act on your behalf if you cannot.
There are two key decisions you must make
• Who will manage your finances if you become incapacitated
• Who will make medical decisions for you if you become incapacitated
You may choose the same person for both roles or appoint different individuals for each responsibility.
Factors to Consider When Selecting an Agent
When choosing your financial agent and healthcare agent, consider the following:
Organization
Your agent must be highly organized. They may need to manage bills, bank accounts, property, medical care, and paperwork while also balancing their own life and responsibilities.
Availability
An agent with a demanding job or frequent travel may not have the time needed to handle urgent financial or medical matters.
Relevant Experience
Someone with experience in finance or healthcare may be better equipped to handle these responsibilities. This is especially important when complex decisions arise.
Talk With Your Chosen Agents
Once you decide who to name, it is essential to speak with them directly. Confirm that they are willing and able to serve, and discuss your wishes regarding finances, healthcare, and quality of life decisions. These conversations help ensure your plan works smoothly when it matters most.
We Are Here to Help
Creating an effective incapacity plan takes careful thought and proper legal guidance. Our firm is ready to answer your questions and help you choose the right agents for your plan.
Contact us today to schedule a consultation and protect your future with confidence.
