People often go through life without planning ahead for the eventualities of aging. When you are younger, it can be hard to imagine a time when you will not be capable of doing everything that you can do right now.
Plus, there are some possibilities that are simply not very pleasant to consider, so people may avoid these subjects.
At the same time, difficult situations can be that much worse if you are completely unprepared. With this in mind, let’s look at the value of incapacity planning.
A very significant percentage of senior citizens ultimately become unable to handle all of their own day-to-day affairs. Most elders will need living assistance, even when they are still capable of making sound decisions. There are also those who suffer from incapacity.
There are various different causes of incapacity as we all know, but Alzheimer’s disease is a looming threat. Everyone has heard of the disease, but when you learn the facts, you may see Alzheimer’s a in a somewhat different light.
This is not something that strikes a relatively small segment of the senior population. The Alzheimer’s Association tells us that 40 to 45 percent of people who are 85 years of age and older are suffering from Alzheimer’s disease.
Is it likely that you will live into your eighties and perhaps beyond? The Census Bureau drilled down the numbers, and they found that the segment of the population that was between the ages of 85 and 94 grew faster than any other age group between the last two censuses.
The Social Security Administration website has an age expectancy calculator. If you use this calculator, you find that a man who is 65 years old today is likely to live to the age of 84. Women typically have longer lifespans than men.
When you put these facts together, you can see why incapacity planning is something that you should take seriously.
Durable Powers of Attorney
An incapacity plan is typically going to include, at a minimum, the execution of legally binding documents called durable powers of attorney. This particular type of power of attorney is used because a durable power of attorney remains in effect even if the grantor becomes incapacitated.
We are using the plural because people often execute a durable power of attorney for health care along with a durable financial power of attorney.
With these documents you name people of your own choosing to make decisions on your behalf in the event of your incapacity.
If you do nothing, the state could appoint a guardian to act on your behalf if you become unable to make sound decisions. You would no longer have the ability to choose your own representatives.
Incapacity planning is important for all responsible adults. If you would like to take action, send us a message through this page to schedule a free consultation: Charlotte NC Incapacity Planning.