Many people understand the importance of making a will. It’s a caring way to ease the burden of responsibility put on your loved ones after you pass on. However, few people take into consideration the chance that they may become incapacitated at some point in their life and be unable to care for themselves or make important decisions.
For example, you could develop Alzheimer’s or dementia, sustain a serious injury, or develop a mental illness. Including a plan for incapacity in your estate plan is a great way to reduce the burden on your loved ones and ensure you’re taken care of should anything happen.
What is Incapacity Planning?
Creating an incapacity plan is a way to prepare for either permanent or temporary incapacity. In particular, it includes legal agreements, financial plans, and healthcare documents.
Some of the most important documents to include are:
- Power of Attorney
- Living Will
- Revocable Living Trust
- Health Care Proxy
- HIPAA Authorization
- Last Will and Testament
Combined, these documents lay out a plan for who is responsible for making medical decisions and what your wishes are regarding life-saving medical treatment. They will also convey who can make decisions about personal and financial affairs and how you would like to divide your property after death.
Other Considerations of Incapacity Planning
Before finalizing your incapacity plan, you should discuss your plans with your family members and loved ones so they understand your wishes. This will also ensure they’re prepared in case an emergency takes place.
It’s also important to talk to an estate planning attorney for help finalizing your plan. The laws surrounding estate planning and health care can be confusing. It’s best to trust your affairs to a legal expert to avoid eliciting misunderstandings or disputes.
Trust the Estate Planning Experts at Koch & Associates
Koch & Associates is home to the best estate planning attorneys in Cicero and the surrounding Chicagoland areas. We have extensive experience helping our clients draft wills, create financial plans, and plan for incapacity.
When you’re ready to start estate planning, give us a call to schedule an appointment.