No estate plan is complete until it addresses incapacity planning.
When you become disabled, you are often unable to make personal decisions that affect your life and your finances. If that should happen to you, have you decided in advance who you want to make these decisions on your behalf? If not, your family will have to apply to the court for appointment of a guardian for either your person, or your property, or both.
At a minimum, you should have an incapacity plan with broad powers of attorney that will allow agents to handle all of your property if you become disabled, as well as the appointment of a decision-maker for health care decisions. Alternatively, a fully funded revocable trust can ensure that you and your property will be cared for as you desire, pursuant to the highest duty under the law and usually without having to go to court. A living will or directive to physicians directly can also inform your doctors of your wishes should you not be able to.
As you can see, these are some of the most important decisions you will make when planning your estate. If you would like to learn more about incapacity planning , Gersh Law Offices, is ready to get you started. Please call us at (502) 423-7023 or Click Here to request a consultation.