Estate planning involves arranging for the transfer of your financial assets after your death. However, a comprehensive estate plan will also prepare for the period of time that will precede your passing.
Incapacity is very common among elder Americans. Every estate plan should have an incapacity planning component.
Incapacity Planning & Alzheimer’s Disease
While there are other causes of incapacity, Alzheimer’s disease is the biggest threat. According to the Alzheimer’s Association, approximately 45 percent of people who are at least 85 suffer from the disease.
Many seniors who have not yet reached the age of 85 suffer from Alzheimer’s disease as well.
Alzheimer’s causes dementia. If you are suffering from dementia late in your life, you may not be able to handle your own affairs.
You can account for this possibility in your incapacity plan.
Durable Powers of Attorney
Durable powers of attorney are typically recommended. With durable powers of attorney you empower agents to act on your behalf in the event of your incapacitation.
Because of the durable designation, the device would remain in effect even if you do become incapacitated.
If you do nothing, the state could be petitioned to appoint a guardian to act on your behalf if you become unable to handle your own decision-making.
The guardian may not be someone that you would have chosen yourself. In addition to this, the proceeding could potentially be contentious if family members are not all on the same page.
Glastonbury, CT Incapacity Planning Consultation
Our firm can help if you would like to discuss incapacity planning with a licensed attorney. We offer free consultations in the greater Glastonbury area, and we would be glad to assist you.
You can contact us through this website to request a consultation or reach us by phone at (860) 548-1000.
