Part 1of a 2-Part Series
Why Ignoring the Importance of Incapacity Planning Could Lead to Serious Consequences
For reasons no one can quite understand or explain, deaths spike during the holidays. Weird, we know. But while we’re on the subject, we might as well address the elephant in the room; despite careful planning, you may not die. Well, eventually, you will. But death may not come to you in the way you have planned. What happens to your estate plans if you live longer than you expect? In this two-part series, we will discuss the ways your estate could be affected if you don’t die according to plan.
Planning for Life
It’s a common misconception that all your efforts to create a comprehensive estate plan are focused on what happens after your death. That is very much not the case, and it’s a dangerous misconception by which to plan. But remember that estate planning does not equate to death planning. There are several ways in which your estate plan can drastically impact you and your loved ones’ quality of life well before you pass away. That is why it’s also crucial that your planincludes up-to-dateprovisions for what will take place ifyou don’t die.
The relationship between incapacity and your estate plan
Many people become legally incapacitated, where they lose the ability to make their own legal decisions on either a temporary or permanent basis. This legal incapacity is not the same as being disabled for social security or workers compensation purposes. Rather, it is the result of coma, cognitive impairment caused by degenerative illnesses, or other situations in which a person is no longer able to make their wishes known due to loss of physical or mental function.
What if you don’t die and are instead in need of help because you can’t manage your finances any longer? Include a robust, trust-based estate plan featuring necessary documents. Guarantee your family carries out your wishes to a T — even if you can’t express those wishes at the time.
You need a plan that will protect your privacy, free you from court interference, help you protect and manage your assets, save you money on taxes, and enable you to name the people you trust the most to act on your behalf. Without a comprehensive incapacity plan in place, a judge can appoint someone to take control of your assets and make all personal and medical decisions for you through a court-supervised guardianship or conservatorship. You and your loved ones could lose valuable time, money, and control until you either regain capacity or die.
Check back next week, when we continue our two-part series about incapacity planning.
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.
