When we think of the future, we often imagine the goals and dreams we would like to achieve. However, it is also important to consider unexpected turns our lives might take. Without a proper plan in place, the management of your assets and your personal care can become a complex and stressful issue for your loved ones.
What is incapacity planning?
Incapacity planning outlines your preferences for medical care and detail how you want to handle your assets and medical decisions if you are unable to make decisions for yourself either temporarily or permanently. This can happen due to mental conditions like dementia or physical injuries or conditions.
The primary goals of incapacity planning are to protect your wealth, convey your wishes and alleviate the burden on your family. Documents like a durable power of attorney or an advance health care directive allow you to appoint trusted individuals to manage your affairs. This can reduce the stress you and your loved ones experience during a difficult time.
What could happen if you do not have a plan?
Without an incapacity plan, there is no legally recognized person who can immediately step in and manage your assets or make medical decisions for you. This could lead to several challenges:
- Legal complications and delays: Your family might have to petition the court to appoint a guardian or conservator, which can be a time-consuming and expensive process. During this period, your assets may not be managed as you would have intended. This can lead to financial losses.
- Family conflicts: If multiple family members have differing opinions about your care or how to handle your financial matters, the lack of a clear directive can lead to disputes and strain family relationships.
- Compromised decisions: Without your specific instructions, decisions made about your medical care and finances may not reflect your true wishes. The court may also choose someone that you would have not trusted to make these choices in your behalf. This can be distressing for you and your loved ones.
How can an attorney help you prepare for these difficult situations?
Consulting with an attorney with experience in incapacity planning can be an invaluable step in creating your plan. Every individual’s situation is unique, and a qualified attorney can provide personalized advice that aligns with your specific circumstances, financial situation and family dynamics.
An attorney can also help you draft a durable power of attorney, designate a healthcare proxy and take other steps to prepare for incapacity. This ensures that all documents clearly express your intentions and are legally binding.
The best time to prepare for potential incapacity is now. Early planning not only ensures that your wishes are understood and respected but also provides peace of mind knowing that your affairs are in order, come what may.