Estate planning often gets mistaken for a plan that comes into effect only after a person’s unfortunate passing. Your estate plan can also help you during your lifetime if you, inadvertently, become incapacitated.
Thanks to the advancements in the medical space, people are now living for a longer time. Longevity coupled with good health is the best possible scenario you could hope for. On the other hand, in case of mental disability or incapacity, you will be dependent on others for managing your daily activities. To make your life easier, get in touch with experts at Morgan Law Group to ensure you have the disability and incapacity component as a part of your estate plan. It is a simple act that will provide a safer future for you and your loved ones when any physical disability restricts you.
Understandably, having a conversation about an event such as a physical or mental disability is not desirable. But if such an event occurs, you will not be able to make healthcare, finance, investment, or business-related decisions on your own. It is a burden that will fall on your family, and without the right resources at their disposal, critical decisions regarding your life could end up in long-drawn court sessions.
What Are the Odds of Becoming Disabled or Incapacitated?
According to the CDC, over 61 million adults in the US live with some disability. In the age group of 65 years and older, 2 in 5 people have a disability. It is especially a common condition with women, as 1 in 4 women have a disability.
Disability brings a host of other ailments to deal with, like obesity, heart disease, and diabetes. Adults living with disabilities are more prone to develop these above-mentioned health conditions.
When we talk about disability, it does not necessarily mean a physical disability that would require a person to be in the care of experienced healthcare professionals. A disability could range from issues like difficulty with:
- Walking
- Climbing stairs
- Hearing
- Seeing even with glasses
- Remembering things
- Concentration
- Running errands
- Carrying out routine activities like eating, bathing, dressing
Planning for these scenarios well in advance with the help of the Morgan Law Group, you can be rest assured your needs will be well taken care of even when you are not able to make decisions for yourself.
Why Do You Need a Separate Incapacity Planning Component in Your Estate Plan?
If a person becomes physically or mentally disabled, a simple estate plan will not help. Your trusted caregivers or family members will have to step up to the task of making decisions on your behalf.
Even though they might not have the correct information on their hand, or they might not even be experienced in making healthcare decisions for you. You might end up in a facility or a home you never wanted to be in the first place. Without an appointed representative, a difference of opinion could land your case in court with family members fighting over the proper treatment for you.
An estate plan will not help you if you become disabled or incapacitated. Owing to the reasons mentioned above, it is best to plan for such scenarios well in advance. An incapacity planning clause in your estate plan will allow you to choose a trusted representative responsible for making healthcare and financial decisions according to your interest.
With proper legal guidance, you can have clear instructions for your representative and save your family members the trouble and heartache of making difficult decisions.
What Is Included in Disability Planning?
Financial and medical POAs (power of attorneys) are legal documents through which you can pick a trusted caregiver to make decisions on your behalf in case of a disability. Power of attorney refers to a document that you should draft and sign before you become incapacitated.
From a financial perspective, you could appoint an individual and specifically mention what they can and cannot do. From a medical perspective, you could set health directives in advance and let your wishes regarding end-of-life decisions be known, or with a medical POA, you could appoint someone to make healthcare decisions on your behalf.
You can also explore the option of revocable trust-based estate planning. Transfer your assets to the trust and name a successor who will handle matters if you are incapacitated.
Incapacity planning is essential as it can prove to be your aid at a vulnerable time. Get in touch with experts like Morgan Law Group for disability planning and be rest assured your medical and financial wishes are honored even when you are incapacitated.
