Comprehensive planning is the key to being prepared for any and all eventualities as you enter different phases of your life. Just keeping your fingers crossed with your head stuck in the sand is clearly not a very intelligent course of action, but unfortunately far too many people go this route.
The average lifespan in the United States is around 78 years, and in fact the segment of the population that is 85 years of age and up is the fastest-growing group among us. So the reality is that there is a very good chance that you will live to a rather advanced age, and if you do the possibility of incapacity becomes very real indeed.
To make sure that you have representatives of your choosing in place to handle your affairs should you become unable to do so it is advisable to execute documents called durable powers of attorney. The inclusion of the “durable” modifier allows for the vehicle to remain in effect even after the incapacitation of the grantor.
There are essentially two different types of decisions that would have to be made: health care decisions and financial decisions. It is possible that the individual that you would like to see making your medical decisions is not the same person who you would want to see handling your finances.
This can be addressed by naming two different-attorneys-in-fact with one empowered to handle financial decisions and the other responsible for medical decisions.
Incapacity planning is an important component to any well constructed holistic plan for aging. If you have not yet taken action to address the possibility of incapacity at some point in time, right now would be a good time to pick up the phone to arrange for a consultation with a Hartford estate planning lawyer.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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