What Is Incapacitation Planning?

Video Transcription:

Part of an entire estate plan should also include a piece of incapacity planning. It’s planning for your eventual incapacitation. I guess all of us, including me, including you, will be incapacitated at some point in time in our lives and if we’re lucky it’s just that split second before we die, but if we’re not lucky and it goes on for years, you need to have certain documents in place, the first being a healthcare surrogate naming someone to manage your medical affairs for you when you’re unable to do so yourself. The second a durable power of attorney to manage your finances for you if you can’t do so yourself. The third a pre-need guardian form where you’ve decided if it comes to that and you have to have a guardianship, you’re actually directing the court who you want to be the guardian of your person and property, and finally, the ultimate in incapacity planning is setting up a revocable living trust and placing your assets into that trust so that the successor trustee takes over when you are in fact incapacitated. Have more questions? Then contact us today to schedule a free consultation! Doane & DoaneTop rated Tax & Estate Planning Attorneys