Part 2 of a 2-Part Series
Last week, we started a series about how failure to plan for incapacity could lead to serious consequences. To review that blog, click here. This week, we conclude by discussing how to plan for something you may not have considered, incapacitation.
The components of your plan that impact incapacity
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A revocable living trust
In a typical situation, you will be the “trust-maker.” What’s more, you will also serve as the trustee, and the beneficiary of your revocable living trust. But if you become incapacitated, your designated successor trustee will manage the trust assets for you.
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Powers of Attorney (POA)
Whether medical or financial (you should have both in place), Powers of Attorney give your agent authority. On your behalf, he or she will pay bills, make financial decisions, manage investments, file tax returns, mortgage and sell real estate, and address other financial matters. POA come in two forms: “durable” and “springing.” A durable POA goes into effect as soon as it is signed. A springing POA goes into effect after you have been determined mentally incapacitated. Keep in mind; medical POA can also be called health care proxy or advance directive.
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Living Will
This legal document memorializes your medical decisions about end of life care. Thus, the goal is to keep you comfortable but not extend your life with useless medical heroics. Even though these may not be legally enforceable in some states, they express your wishes, to guide decision makers.
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HIPAA Authorization
Federal and state laws dictate who can receive medical information without the written consent of the patient. This legal document gives your doctor or other health care provider authority to disclose your health information to the agent you name.
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Nomination of Guardians
For example, you can nominate guardians for yourself as well as for minor children. You may also create a legal pet trust for animals. This will note who you’d like to care of your animals, if you become incapacitated.
Don’t let a lack of incapacity planning damage your quality of life and cause undue stress for your loved ones. Give us a call to schedule an appointment to review your estate plan. We can make sure it has up-to-date provisions that make your wishes regarding incapacity plainand clear.
About Skvarna Law
We can help you make important estate-related decisions. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
