Remember Incapacity Planning
While most estate planning tends to focus on a person’s property, a comprehensive plan will include planning if you become disabled or incapacitated as a result of an accident, injury, disease or illness.
Good incapacity planning will include the following “tools”:
Revocable Living Trust. While this type of trust will hold your assets, a properly drawn trust will have provisions for another person to assume the trustee duties in the event you become incapacitated as a result of an illness or injury.
Durable Power of Attorney for Property/Finances. This document allows you to appoint a person to act on your behalf with respect to your property and finances. It can take effect immediately or when you become incapacitated. It survives your incapacity and remains in effect until your death.
Durable Power of Attorney for Health Care. This document allows you to appoint a person to make health care decisions for you if become unable and it can remain in effect until your death.
Advance Directive for Health Care. Sometimes called a “living will,” this document allows you to appoint a person to follow instructions regarding your end of life decisions in the event you cannot communicate yourself.
HIPAA Release. This document authorizes your healthcare providers to release your “protected health information” to the person you designate, such as a spouse or relative.
The time to plan for your incapacity is now. Do not delay because we never know what will happen to us.
At Kevin L. Miller, PC, we can help you have the proper incapacity planning in place.