The good news is, we are all living longer! The bad news is that there is a likelihood that at some point in our life there may come a time when we are no longer able to manage our own affairs.
Estate planning is not just about what happens after your death….
Your estate plan must also anticipate the possibility that you will need legal assistance during your lifetime, should you ever become unable to manage your own affairs.
Once a person becomes incapacitated, they are legally unable to make financial, investment, or business or management decisions for themselves. But the bills still need to be paid, investments and properties still need to be managed and tax returns still need to be filed.
An incapacitated person is also unable to make their own healthcare decisions. And because of patient privacy laws, their loved ones may be denied access to medical information during a crisis situation and end up in court fighting over what medical treatment they should, or should not, receive.
Medical and financial powers of attorney allow you to choose someone you trust to make decisions on your behalf.
It is essential that the proper planning is already in place that gives legal authority to someone you trust to step in, and that we make such a time as easy as possible for both you and the people you love.
Incapacity planning is not just about the documents, although those are important. Even more so it’s about having clear, specific and well-crafted instructions in those documents …. and that comes only from experienced legal counselling and guidance.
Furthermore, with the passage of years, legal documents can become stale and must be regularly updated in order to be effective and honored by institutions.
At Morgan Law Group we place an emphasis on comprehensive incapacity planning, to ensure that your documents all work together as an integrated plan that will actually work as intended, during this vulnerable time.