Incapacity planning is an estate planning technique that every adults needs if he or she wants to stay in control of medical decisions and finances; however, it’s often overlooked. Take a look at answers to the following frequently asked questions, to learn more. If you have any questions, or if you’d like to implement incapacity planning, contact an estate planning attorney.
What types of incapacity planning documents exist?
Most people choose to include a living will and power of attorney documents in their estate plan. Both of these tools allow for an individual to prepare for incapacity so that he or she has control during an emergency situation. Revocable living trusts also contain incapacity planning. Without these documents in place, he or she has no protection and the court will intervene. Court intervention is a total loss of control.
What is a living will?
A living will is akin to instruction manual during incapacity. When creating this document, an individual outlines his or her wishes regarding end of life treatments and procedures. Often times, this includes making choices regarding the use of life support. A living will prevents loved ones from having to make difficult decisions at the end of an individual’s life. It also best ensures that the individual’s wishes are respected.
Why should I have a living will?
You should have this document in place so that you have full control. If you don’t want a medical professional or your family members to decide what treatments will be used, then you need to plan accordingly.
Can I make changes to my living will?
Yes! As long as you have the mental capacity to do so, you’re able to change your living will and other basic estate planning documents.
Please take a look at our next blog post (part 2 of 2), to learn more about incapacity planning.
If you’d like to begin your incapacity planning, consult with a qualified estate planning attorney.
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