When planning your estate, it’s vital to consider not just the distribution of your assets but also incapacity planning. This proactive approach is essential in managing unforeseen health crises, particularly as we age.
A key concern for many elders is Alzheimer’s disease, a widespread and debilitating condition. Planning for incapacity helps safeguard your wishes and your welfare in case you’re unable to make decisions yourself at some point.
The Reality of Alzheimer’s Among Elders
Alzheimer’s disease is a growing concern, especially among the elderly. This progressive disease affects memory and cognitive abilities, leading to a significant impact on an individual’s capacity to make informed decisions.
With an aging population, the prevalence of Alzheimer’s is increasing, making incapacity planning more crucial than ever.
The Risks of Inaction: Adult Guardianship
Failing to plan for incapacity can lead to complex legal situations, like adult guardianship. In such cases, the court appoints a guardian to make decisions on behalf of the incapacitated individual.
This process can be lengthy, costly, and often stressful for family members. It might also lead to decisions that don’t align with the individual’s original wishes.
Empowering Decision-Making: Durable Powers of Attorney
You can prevent a guardianship and assert your own wishes in advance through the execution of the appropriate documents. Durable powers of attorney will be part of the plan. With a durable power of attorney, you name someone to make decisions on your behalf in the event of your incapacity.
Your plan can include a durable power of attorney for financial decision-making and a durable power of attorney for healthcare matters.
Living Will: Making Life Support Decisions
A living will is another critical component of incapacity planning. It outlines your wishes regarding life support and other medical interventions in situations where you’re unable to communicate your decisions.
This document provides clear guidance to healthcare professionals and family members, ensuring that your healthcare preferences are honored.
Incorporating a Disability Trustee and HIPAA Release
If you have a living trust, appointing a disability trustee is a wise move. This individual steps in to manage the trust’s assets if you become incapacitated. It ensures continuity in the management of your assets and avoids potential legal hurdles.
Additionally, including a HIPAA release in your incapacity plan is crucial. This document allows your designated representative to access your medical records, ensuring they have all the necessary information to make informed healthcare decisions on your behalf.
Conclusion
Incapacity planning is a crucial aspect of estate planning. It addresses potential healthcare scenarios and ensures that your preferences are honored even if you’re unable to communicate them.
By incorporating the tools we have described, you can safeguard your welfare and maintain control over your personal and financial matters. Proactive planning is the key to peace of mind and protecting your legacy.
Attend a Complimentary Seminar
Some great learning opportunities are coming up in the near future to help you add to your estate planning knowledge. We are conducting a series of seminars, and they cover a lot of ground in an efficient and easy-to-understand manner.
You can visit our seminar schedule page to see the dates, and if you decide to join us, follow the instructions to register.
Schedule a Consultation Today!
As you can see, some details must be addressed beyond the obvious when you plan your estate. When you engage our firm, you can rest assured that all of your bases will be covered effectively, and your plan will be customized to suit your specific needs.
You can schedule a consultation at our Westport or Glastonbury, Connecticut estate planning offices by calling us at 860-548-1000. If you would prefer to reach out electronically, fill out our contact form and we will return your correspondence promptly.
Mr. McCann is licensed to practice before the courts of the State of Connecticut. He is a member of the American Academy of Estate Planning Attorneys.
Mr. McCann provides to his clients, trust and estate planning, and trust and estate administration services. Formerly, Mr. McCann was an adjunct professor of economics in the State of Connecticut Community College system, and a Commissioner of the Town of Simsbury Zoning Board of Appeals.