Most people plan for their future by saving for retirement, writing a will, and estate planning. However, on occasion, unexpected events can happen that leave you seriously injured or otherwise incapacitated. In these situations, you may no longer be able to make sound decisions for yourself and others in your care. You may also be unable to care for yourself, manage finances, or plan ahead.
Fortunately, incapacity planning acts as a safety net for these types of situations. Incapacity planning allows individuals to make important decisions now, including who can and will be in charge of making decisions for them later, should they become unable to do so. These types of plans can be laid out for both permanent and temporary incapacity.
Creating an incapacity plan can give you peace of mind, knowing that if you’re seriously injured, develop dementia or Alzheimer’s disease, or another disease that affects your mental state, your assets will be protected. With an incapacity plan in place, you can rely on your attorney or a predetermined family member or friend to make financial and medical decisions on your behalf.
What’s Included in an Incapacity Plan?
Incapacity planning involves several types of documentation and legal agreements. Some of these include a medical power of attorney, a living will, various financial plans, revocable living trusts, a health care proxy, a last will and testament, and HIPAA authorization.
Getting these important documents in order will allow you to have a solid plan of action should you become incapacitated. You will also get to designate someone who will be in charge of making healthcare decisions that reflect your wants and needs, including those related to life-saving medical treatment. You will also choose who is to be in charge of making personal and financial decisions, such as how your property will be handled after your death.
Meet With The Crosby Law Firm to Help Secure Your Future
When you need to make certain that your health and financial affairs will be taken care of in the event you can no longer take care of yourself, contact The Crosby Law Firm. Our estate planning firm in Rockford, IL, has decades of experience helping clients protect their investments and their futures. Reach out to us for legal assistance with estate planning, drafting a will, incapacity planning, and more.
