Planning for incapacity is an important part of estate planning. There are several elements estate planners should include in their estate plan to account for possible incapacity at some point. The importance of planning for incapacity should not be overlooked.
Living will or advance healthcare directive
A living will or advance healthcare directive can help the estate planner plan for incapacity by including which types of medical care and treatment they want to receive and the types of medical care and treatment they do not want to receive. A living will or advance healthcare directive can provide guidance related to resuscitation and life-saving care for the estate planner.
Power of attorney for healthcare
A power of attorney for healthcare can designate a trusted individual to direct the estate planner’s medical care and treatment if they are unable to do so for themselves. This can include directing healthcare that is not addressed in the estate planner’s living will or advance healthcare directive.
Power of attorney for financial affairs
A power of attorney for financial affairs can designate a trusted individual to direct the estate planner’s financial affairs for them if they are unable to do so for themselves.
Estate planning includes many important elements such as the estate planner’s wishes for the distribution of their property and assets but it also includes planning for incapacity. The importance of planning for incapacity should not be ignored and for that reason, estate planners should be familiar with the estate planning tools and resources that can help them do that.
