One of the best ways to keep your business and family in order is to make sure you’re ready for the unexpected. Estate planning is a guide to ensure your hard work is left in the right hands after you’re gone, but it also serves as an important tool for when you’re incapacitated and unable to handle everything on your own. We want to make sure you’re prepared for everything.
1. Incapacity planning can start at any age
Many people believe this type of planning is only for the elderly, but we believe people of any age should prepare for the unexpected. As the pandemic has shown us, we are not always able to control when health emergencies can arise. Many legal documents, including an Advance Health Directive which we’ll touch on in a moment, can be created once you turn 18 years old.
This is a great place to start your incapacity planning.
2. Your plan can always change
Incapacity planning puts you in the driver’s seat. If you need to make changes to any documents or aspects of your plan, you can do so at any time. This could include changing which loved one is in control of your healthcare decisions or who will take over a business venture in the time you are incapacitated.
3. Advanced Healthcare Directives keep you in control while incapacitated
A major aspect of incapacity planning provides guidance on who can make medical decisions on your behalf. If you do not have an Advance Healthcare Directive already in place, it will be the job of healthcare professionals to do everything in their power to give you the treatment they believe is best. Family members are also consulted on treatment options, but this runs the risk of family members who don’t know you well getting involved in decisions. If you want any control of your own treatment during this time, you’ll need to assign someone to carry out your desires through this directive.
4. Your bills are still due regardless of how long you’re incapacitated
It’s important to plan for your finances to be taken care of during this period. Your problems will quickly compound if you have to catch up on late fees and other bills after you’re back on your feet. A Power of Attorney is the best way to prevent this. This person will be given control over much of your finances and can take care of your bills as well as allocate the necessary funds for healthcare and other needs of you and your family.
5. A will is part of incapacity planning
It’s never pleasant to plan for being incapacitated, and it’s even harsher to consider the event of your death. However, these both go hand-in-hand because if you become incapacitated because of a major medical issue there is always a chance you aren’t able to get back to your life afterward. A living will often includes things such as the Advance Healthcare Directive and Power of Attorney mentioned above, but a will differs in that it covers the steps after your death.
This will ensure all your hard work and belongings end up in the right hands should the worst happen.
Start planning today
Incapacity planning can be an expensive undertaking, but you’re likely to end up with a much higher cost if you fail to plan for events like this. Let Solan, Park & Robello walk you through the process and keep your best interests at heart. Contact us today for some peace of mind.