Planning for Incapacity as an Integral Part of Your Broader Estate Plan.
It is difficult to think about, but critical to address, estate planning, is something that all Americans need to do to protect their loved ones. When creating their last will and testament, people are increasingly omitting a portion of the document that deals with what happens if they became incapacitated. As part of your broader estate plan, incapacity planning is vital component that must be covered. By our vary nature, it is difficult to imagine that at some point in the future we may be incapacitated through sickness, injury, or old age. However, if you are no longer able to make decisions for ourselves about our medical care and financial affairs, addressing these issues in our last will and testament allows us to have control over our end of life care.
Often, people assume that when this situation occurs, their loved ones will automatically be able to make decisions for them. However, this is not the case. Unfortunately, in order to do so, your loved ones will be forced to go to Court in a sometimes-lengthy process. You can avoid a petition to the Court by creating an incapacity plan. Furthermore, such a petition can be the start of a lengthy and costly procedure. With an incapacity plan already in place, you can largely avoid the time and expense of the court procedure.
Your incapacity plan will set forth your precise wishes and instructions concerning your finances, health care, or end-of-life requests. Additionally, your family members will not have to determine what you would have wanted. Your incapacity plan goes into effect as a legal document and can include many tools. These tools can include a living will, durable power of attorney for health care, and durable financial power of attorney.
Contact our DC Law Office for More Information
For more on planning for incapacity as an integral part of your broader estate plan, please contact us at 202-803-5676. You can also directly schedule a consultation with one of our attorneys.