Estate planning involves incapacity planning so if you can’t make your own financial decisions in the future, a loved one or professional will step in and take over that responsibility.
Incapacity planning will allow you to be properly prepared in case of an emergency. You never know when you may become incapacitated through a car accident, illness, or reaction to medication.
Take the time to create a proper plan so that your financial affairs are always handled by someone you trust, even if you aren’t able to make decisions. If you have any questions about your incapacity planning needs, meet with an estate planning attorney.
What happens if I can’t make my own financial decisions?
You need to appoint someone to help you pay your bills and make financial decisions if you are ever unable to do so yourself. This can be done with a financial power of attorney. You will name an agent who will be responsible for your affairs when you’re in need of help.
Without this document, the court will intervene and the wrong person may be handling your affairs!
What can my agent do?
Your financial power of attorney agent can do a number of things, if properly given the power to do them. This includes paying your bills and purchasing items you need. He will also be able to cash your checks and make important financial decisions. Your agent is responsible for filing and paying appropriate taxes on your behalf.
Revocable living trust planning
Many people just like you use a revocable living trust for additional incapacity planning. When you have a trust, your disability trustee can manage your financial affairs on your behalf should be become incapacitated. This removes any concern about whether a financial institution will honor your financial power of attorney.
If you have additional questions, or if you’d like to begin your incapacity planning, consult with a qualified estate planning attorney.
Latest posts by John Potter (see all)
- Aretha Franklin Estate Matter Takes a Surprising Turn - June 24, 2019
- Joint Bank Accounts: Worth the Gamble? - June 18, 2019
- Living Trust Questions Answered - June 12, 2019
