As poet Robert Burns mused centuries ago, “The best-laid plans of mice and men often go awry.” Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency in life. Several situations could upset the apple cart. For example, consider a car accident, sudden illness, workplace injury, or chronic medical condition. These could force you to reevaluate core assumptions By doing this, you may avoid estate plan chaos. .
Estate Plan Chaos
The Centers for Disease Control and Prevention (CDC), reports one in four US adults have some type of disability. Frustratingly, disability may render you unable to manage your own affairs. This is also known as being incapacitated. In this case, you will not be able to turn back the clock. So, make plans that will make your transition into a possible incapacity as smooth as possible. You can take meaningful actions prior to an incapacity. This protects your money, property, and legacy in the wake of any newfound limitations:
How to Combat Chaos
Appoint a trusted person to manage your property, pay your bills, file your taxes, and handle similar financial and legal matters if you are unable to do these tasks
Legally appoint a trusted person to make healthcare decisions for you if you become mentally or physically unable to make them yourself.
Communicate your wishes about healthcare decisions such as end-of-life care and do-not-resuscitate instructions in a clear and legally valid manner (if your state allows for this).
Beat Chaos By Doing this:
Work with a knowledgeable financial advisor to take the following additional actions:
Ensure that you have appropriate life or disability insurance coverage.
Reassess your investment options and portfolio considering the possibility of new limitations and constraints on your ability to generate income.
Make sure that you have a budget that would work if you face incapacity so that all of your bills will get paid on time.
Realistic Ways to Defeat Estate Plan Chaos
Pay attention to where you want your money to go as well as to your long-term planning strategy. Your estate planning attorney can help you assess whether your current plans are still realistic and, if not, what alternative options you have.
Maintain a healthy lifestyle. Visit your medical professionals on a regular basis and follow their instructions.
Get the help you need from trusted professionals. Now is the time to tap your network of friends and family for assistance with the heavy lifting. No single advisor will have all the answers. But your team can work in concert to reduce the anxiety and uncertainty that come with a potential incapacity and keep you focused on what really matters.
About Skvarna Law Firm in Glendora and Upland, California
Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services. We cover San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes several cities. Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, Montclair, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
