Why Planning for Incapacity is Essential

When most people think about estate planning, they think about what will happen to their assets when they pass away and how their final wishes will be carried out. However, there’s far more to this field than that—in fact, many believe that much more time should be spent on incapacity planning.

It’s unpleasant to think about ending up in a situation where you are unable to make healthcare and financial decisions for yourself, but these situations occur every single day. If disaster strikes, it is crucial that your loved ones know how to best carry out your wishes.

Ready to start planning for whatever the future may hold? So are we. Call Haygood, Cleveland, Pierce, Thompson & Short at 334-821-3892 to schedule a consultation now.

What Incapacity Planning Covers

Incapacity planning looks at what would happen if you were suddenly unable to make your own health care or financial decisions. This may occur due to the sudden onset of a neurological illness, a severe accident that leaves you in a coma, or a chronic illness that leaves you unresponsive.

In these situations, you will still have financial matters that need to be handled. Incapacity planning ensures that a trusted loved one will continue to maintain your financial matters. Health care decision planning allows your loved one of choice to make health care decisions in line with what you want.

Who Needs to Include This in Their Estate Planning

This is something that everyone should include in their long-term plans. We know that this is difficult to think about—while everyone understands that estate planning is essential, it is less comfortable to think about ending up in a situation where you are unable to care for yourself long-term. However, it is truly impossible to know what the future holds. It is better to plan for incapacity and never need those plans than it is to skip on this area of planning and then leave your loved ones scrambling.

Important Documents for Incapacity Planning

It is important to discuss your plans with an incapacity planning attorney, as they can ensure you have covered all of your bases. However, some documents commonly included in incapacity planning include:

• Financial power of attorney. This document names someone you trust with your financial matters. Should you become incapacitated, this person will be able to step in to use your funds to pay bills or meet other obligations when you are unable to do so yourself.
• Health care power of attorney. A health care power of attorney names a trusted individual who is permitted to make health care decisions on your behalf.
• DNR order. People have a wide range of preferences in terms of what lifesaving treatments they are willing to receive. Some want everything possible, even if it means spending months in a comatose state. Others want no lifesaving measures taken once they reach a certain point. A DNR order specifies what treatments you want under which circumstances.
• Living will. A living will goes into effect immediately, as opposed to a last will, which does not go into effect until you pass away. In this document, you can specify the types of health care you are and are not willing to receive.

Security for Your Loved Ones

Incapacity planning benefits both you and your loved ones. Should you become incapacitated, you’ll want to know that your matters will be handled smoothly. Without proper planning, your bills could go unpaid, your credit could be ruined, and precious time could be lost as family members fight over what type of care you would or would not want. Not only can this be fatal for you, it is also a huge amount of pressure on your family and friends. With a clear incapacity plan, they can feel confident that they are honoring your wishes and protecting your best interests.

Plan for the Future with Haygood, Cleveland, Pierce, Thompson & Short

If you haven’t yet started planning for incapacity, this is the time to start thinking about what you want. The team at Haygood, Cleveland, Pierce, Thompson & Short is here for you. Schedule a meeting with our team now by giving us a call at 334-821-3892 or contacting us online.