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Home » Elder Law » Incapacity Planning: What Happens If I Can’t Make My Own Financial Decisions?

Incapacity Planning: What Happens If I Can’t Make My Own Financial Decisions?

June 13, 2011 by John Potter

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.

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John Potter
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Filed Under: Elder Law, Estate Planning, Incapacity Planning, Power of Attorney Tagged With: Disability Trustees, Estate Planning, Incapacity Planning, Powers of Attorney, Trust Planning

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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