In the area of estate
planning, there are many different aspects that you will have to consider.
One of these areas is what will happen if you are incapacitated. Here are a few
things to consider about planning for potential incapacity in the future.
Choosing Representation If you are incapacitated, you may not be
able to make decisions for yourself. If this were to happen, you would want
someone to be able to make decisions for you. In order to plan for this possibility,
you need to choose someone to represent you if this were to ever happen. In
order to choose someone to make decisions for you, there are a few different
steps that you are going to need to take.
Health Care Power of Attorney and Living Will One document
that you will need to fill out is called a Health Care Power of Attorney, also
known as Health Care Proxy or Advance Directive for Health Care. The healthcare
documents are a vital part of the entire estate planning process. This is a
document that will allow you to appoint someone to make medical decisions for
you if you are unable to do so. Even after you sign this document, you will be
able to make your own medical decisions as long as you are capable of doing so.
When your primary physician decides that you are unable to make decisions for
yourself, then the person that you appoint to make decisions for you will start
to do so.
Your healthcare documents will
be able to make many different types of decisions such as whether you should
continue to be fed with a feeding tube or not. The individual should strive to
make the decisions that they believe the incapacitated person would have
wanted.
Power of Attorney and
Guardianship Have
you ever thought about what would happen if you were unable to take care of
your own affairs? If you are
incapacitated, you may not be able to handle financial matters, and you need to
choose someone to represent you in financial matters. In order to accomplish
this, you will need to assign power of attorney to this agent. Without this vital document, if you
become incapacitated, a court will have to appoint someone as to take care of
your financial affairs and as guardian - with a great deal of grief, cost and
time.
Someone that has power of
attorney privileges can do many different things for you financially. This
means that they can pay your bills and make sure your needs are taken care of.
This agent can also perform real estate transactions for you, sell or purchase
securities such as stocks or bonds, file your taxes for you if you are unable
to do so, or enter into contracts on your behalf.
If you are a business owner,
the person that you provide power of attorney to can actually run your business
for you. They will be able to make important decisions regarding how your
business operates with the help of other people in your business. With so much
power, you need to make sure that you appoint someone that you can trust no
matter what.
Avoiding Probate If your
estate is large enough to have to go to the probate courts to pass your assets
to your heirs, then you should have a
Revocable Living Trust to avoid the
probate courts. Having your assets
in a living trust allows you to appoint who you want to take care of passing
your assets to your heirs swiftly and reasonably, without the unnecessary
expense and time of attorneys and the courts.
A
properly drafted
Revocable Living Trust and documents prepared for you would include all of the
documents discussed above and will help you avoid the problems and pitfalls
associated with a problem-free transition if you should become incapacitated or
pass away. Ask me how I can help.
Warm regards,
Sabrina Winters, Esq.