Nobody thinks about possible incapacitation, but it’s one circumstance that you need to think about when you’re planning your estate. While most people focus on setting up the plan for asset distribution after their death, setting the plan for what should happen if you become incapacitated can take a lot of stress off your loved ones.
There are two primary areas of your life that you need to think about when you’re taking care of plans that go into effect if you become incapacitated. These are your finances and your healthcare.
Power of attorney designations
You can set up a power of attorney designation for someone to make medical care decisions for you and someone to make financial decisions for you. The same person can make all of these decisions for you, or you can have one person for each area.
The power of attorney designation gives the person the ability to make the same decisions you’d make if you weren’t incapacitated. It’s typically best to discuss these duties with them so they know how to handle situations.
Advance directives
You can outline your healthcare wishes through an advance directive. This is a set of written directions that outline what medical interventions and treatments you’re willing to have and what you don’t want. You can make this document as detailed or simple as you desire.
Ensuring that your estate plan is legally valid and enforceable is important. Working with someone who knows your wishes and can assist you with getting the plan together may make the process a bit easier for you.