There are two possible situations that estate planners will want to keep in mind when preparing their estate plan and plan for incapacity. Estate planners will want to prepare for circumstances when they are incapacitated and unable to direct their own medical care or are incapacitated and are unable to make their own financial decisions. Estate planning can help with both of these concerns.
Preparing for medical decision-making during incapacity
There are two documents that can be included in an estate plan to help address the estate planner’s medical care if they become incapacitated. A medical care power of attorney can be used to designate a trusted agent who can make medical care decisions for the estate planner if they are incapacitated. In addition, a living will is a document that can be included in an estate plan to outline what types of medical care or treatment the estate planner wants to receive or does not wish to receive, including life-saving medical care and treatment.
Preparing for financial decisions during incapacity
A financial power of attorney is a document that can be included in an estate plan that will cover the estate planner’s financial affairs if they become incapacitated. A power of attorney for financial affairs can designate a trusted agent who can make financial decisions for the estate planner in the situation when they cannot do so for themselves.
Preparing a plan for incapacity and including it in an estate plan is any important part of the estate planning process. Estate planners should know how estate planning tools can help them prepare for situations when they are unable to care for themselves in addition to the other ways estate planning serves as a valuable resource for other concerns.