Incapacity planning is a critical aspect of personal and financial well-being that gets overlooked all too often. It involves creating a comprehensive strategy to address the possibility of becoming mentally or physically incapacitated and being unable to make important decisions about your own life and asset management. While contemplating the possibility of becoming incapacitating can be daunting, there are several benefits you can reap from putting a comprehensive incapacity plan in place, including peace of mind and protecting yourself and your loved ones.
What Having an Incapacity Plan Can Accomplish
One of the biggest things an incapacity plan accomplishes is memorializing your wishes so that you have a say in your life and your care regardless of whether you are unable to communicate them for yourself at some time in the future. Think about the amount of control this gives you in the face of an otherwise uncertain and unknowable future. Through an incapacity plan, you can communicate wishes for your health care and asset management in addition to selecting trusted individuals to act on your behalf to help ensure that your medical treatment falls in line with your preferences. Without an incapacity plan, a person’s personal and financial matters are decided by the court.
Another big thing that can be accomplished by an incapacity plan is preventing family conflicts and reducing the stress placed on loved ones should you become incapacitated. Without your wishes outlined in an incapacity plan, families can start fighting over what they think you would have wanted. The stress and emotions of such situations can compound conflicts already simmering below the surface. Establishing an incapacity plan and making your wishes known can prevent conflict and also be a real gift to your loved ones as they are not left guessing over what you would have wanted.
An incapacity plan can also act as a layer of financial protection. When you have a plan in place, whether it involves the establishment of a trust or the appointment of a durable power of attorney, you help ensure that your assets and affairs are managed even in the event that you become incapacitated. This means that your bills will still be paid, your investments and property will still be managed, and your financial responsibilities will be met.
Additionally, an incapacity plan avoids delays when it comes to medical treatment and asset management. When you already have a plan in place, these things can happen seamlessly. Without a plan, there will likely be a scramble that could involve extensive court proceedings, such as if a guardianship needs to be established.
Estate Planning Attorneys
The benefits of an incapacity plan speak for themselves. Get peace of mind for you and your family no matter what life throws your way. Talk to the team at Jones, Gregg, Creehan & Gerace about incapacity planning. Contact us today.