Incapacity planning is exactly what it sounds like. It’s a plan you create today to protect yourself in the event that you’re incapacitated in the future.
It’s your hope that your incapacity plan never goes into effect, but it’s better to be safe than sorry when it comes to your health, well-being, and personal finances.
Incapacity planning can help you answer questions such as:
- What will happen to you if you become incapacitated?
- Who will make key health decisions on your behalf?
- Who will step in to manage your finances?
- Where do you want to receive long-term medical care?
- How will you pay for long-term medical care?
With incapacity planning, you’re able to answer all of these questions in advance. But without the right plan in place, there’s no way of knowing exactly what will happen. You’re taking a big risk on many fronts.
Should you neglect to create an incapacity plan, there’s a chance that the court will end up making important decisions on your behalf. This means that your loved ones could end up in a legal battle to be named your guardian, which isn’t what anyone needs during your time of incapacity.
In an overall sense, there are three reasons why you need an incapacity plan:
- To protect you, your assets, and your future
- To ensure that the right person or people are in charge if you become incapacitated
- To give you and your loved ones peace of mind
There are many steps associated with incapacity planning, so don’t rush through the process. Answer the questions above, consult with your loved ones, and move forward one step at a time.
Contact our law firm if you have any questions or concerns about incapacity planning. We’re happy to review what you have in place and provide you with the direction you’re seeking.