A well-constructed estate plan will be comprehensive in nature. Everyone is aware of the fact that you have to facilitate asset transfers when you put an estate plan in place, but you should also account for end-of-life issues. This is often done through the creation of documents called durable powers of attorney.
When you think about your retirement years, some good times may enter your imagination, and your retirement years can be quite rewarding if you plan ahead effectively. At the same time, as difficult as it may be to consider, a very significant percentage of elders become unable to make sound decisions at some point in time.
There are various different causes of incapacity. People sometimes become unable to communicate when they are experiencing physical decline, and there is also mental incapacitation.
Alzheimer’s disease is all too common among the oldest old. This disease strikes over 40 percent of people who are at least 85, and it is likely that you will live into your eighties if you reach the age of 65.
If you do nothing to prepare for possible incapacity, interested parties could potentially petition the state to initiate guardianship proceedings. Ultimately, the state could name someone to handle your affairs.
This is not a very appealing prospect to many people, and this is why incapacity planning enters the picture. If you execute durable powers of attorney, you can name decision-makers to act on your behalf in the event of your incapacitation.
You could create a durable financial power of attorney to name a money manager, and you could include a durable power of attorney for health care decision making. This latter document is sometimes called a health care proxy.
When you have durable powers of attorney in place, there would be no need for a guardianship if you were to become incapacitated. The agents that you empowered in the documents would be able to manage your affairs.
It is possible to create a document called a springing durable power of attorney. This type of power of attorney would only go into effect if you were to become incapacitated.
While we are on the subject of incapacity planning, we should touch upon a document that you should include along with your durable powers of attorney called a living will. Doctors can sometimes keep terminal patients alive indefinitely using artificial measures. In a living will, you state your preferences regarding the utilization of artificial life-sustaining techniques.
Free Incapacity Planning Consultation
Everyone should have an incapacity plan embedded within a broader, holistic estate plan. If you are ready to take action, our firm can be of assistance.
We offer free consultations, and you can contact us through this page to set up an appointment: Hartford CT Incapacity Planning Attorneys.
- Understanding the Probate Process and How to Avoid It - September 28, 2023
- Take Precautions to Protect Your Legacy - September 12, 2023
- Regular Reviews and Updates of Your Estate Plan Are Essential - August 24, 2023