The importance of having a plan for incapacity

On Behalf of | Sep 22, 2020 | Estate Planning |

An effective estate plan helps the estate planner plan for the future and what lies ahead. One circumstance to plan for in an estate plan is incapacity in case the estate planner becomes incapacitated at some point. Different estate planning tools can help the estate planner do that.

It is important to plan for situations that may arise when the estate planner is unable to direct their own medical care or financial affairs. Several estate planning documents for estate planners to have can help do that including:

Advance healthcare directive

An advance healthcare directive can be used to outline who the estate planner wants to be in charge of their medical care and treatment if they are unable to direct their medical care and treatment for themselves.

An advance healthcare directive can also outline the types of medical care and treatment the estate planner wishes to receive or medical care and treatment they do not want to receive. The advance healthcare directive can address topics such as resuscitation and other end-of-life medical and healthcare concerns.

Power of attorney

A power of attorney can be used to designate a trusted individual to direct the estate planner’s financial affairs if they are unable to do so for themselves due to incapacity. A power of attorney for healthcare can also be used similarly in some circumstances for medical care and treatment purposes.

Having a plan for incapacity is important for every estate planner to consider and include in their estate plan. Carefully considering how they want to be cared for and who they want to be directing their care and other affairs is an important part of a comprehensive estate plan for any estate planner.