Elk Grove Incapacity Planning Lawyers Helping Clients Prepare for the Future
No one knows what the future holds. While it is impossible to predict every possible turn of events, it is important to plan for as many scenarios as possible. This is especially true when it comes to incapacity planning. When you are no longer able to make decisions for yourself, who will speak for you? What will happen to your assets? These are just a few of the questions that need to be considered when planning for incapacity. That’s why it’s important to work with an experienced California estate planning attorney who can help you create a comprehensive plan that covers all the bases. At Cava and Faulkner, we understand the importance of incapacity planning and we’re here to help you every step of the way. An incapacity plan can not only help ensure you get the treatment you want but also gives your family peace of mind. To get the estate planning services you need, contact Cava & Faulkner today at 916-685-1225 and get started.
What Does Incapacity Planning Consist Of?
Incapacity planning generally includes two distinct but related components: financial planning and healthcare planning.
Financial planning for incapacity typically revolves around the creation of a trust. A trust is a legal arrangement in which one person, known as the trustee, holds property on behalf of another person, known as the beneficiary. The trustee has a fiduciary duty to manage the trust property in the best interests of the beneficiary.
A trust can be used to plan for incapacity in several ways. For example, a trust can be created specifically for the benefit of a disabled person. Alternatively, trusts can be created that will take effect if the person becomes incapacitated. This type of trust is often referred to as a “springing” or “dynasty” trust.
Creating a trust is just one aspect of financial planning for incapacity. Other important considerations include:
- Who will have access to your bank accounts and other financial records?
- Who will pay your bills if you are unable to do so?
- Who will manage your investments?
- Who will make decisions about your property?
Healthcare planning for incapacity typically revolves around the creation of advance directives. Advance directives are legal documents that allow you to express your wishes regarding medical treatment in the event that you are unable to communicate those wishes yourself.
The two most common types of advance health care directives are living wills and healthcare proxies. A living will is a document in which you state your wishes regarding life-sustaining medical treatment. A healthcare proxy is a document in which you name someone else to make decisions about your medical care if you are unable to do so yourself.
One of the most important aspects of incapacity planning is appointing a power of attorney. A power of attorney is a legal document that allows you to appoint someone else to make decisions on your behalf in the event that you are unable to do so yourself. There are two types of power of attorney: financial and healthcare.
A financial power of attorney allows you to appoint someone to make decisions about your finances in the event that you are unable to do so yourself. This includes things like paying bills, managing investments, and making decisions about property. It’s important to choose someone who you trust implicitly and who knows your financial situation well.
A healthcare power of attorney allows you to appoint someone to make decisions about your medical care in the event that you are unable to do so yourself. This includes things like deciding whether or not to undergo life-saving treatment or accepting or refusing medical care. It’s important to choose someone who knows your wishes regarding medical treatment and who you trust to make decisions on your behalf.
It’s important to remember that a power of attorney is only effective if you become incapacitated. So it’s important to update your power of attorney documents regularly, especially as your health changes. It is important to note that advance directives are not just for the elderly. Anyone can become incapacitated at any time due to an accident or illness. As such, it is important for everyone to have an advance directive in place.
When Should I Consider Creating an Incapacity Plan?
There are many reasons why you might need an incapacity plan. Perhaps you are concerned about what will happen to your assets if you become incapacitated. Maybe you want to make sure you receive the medical treatment you want in the event you are unable to communicate your wishes. Or, you may simply want to put your affairs in order so that your loved ones are not left with the burden of making difficult decisions during a time of crisis.
There is no single answer to the question of when you should create an incapacity plan. The best time to do it is before you need it. That way, you can be sure that your wishes will be carried out if something happens to you and that your loved ones will have a clear understanding of what you want.
Here are some other things to consider when deciding whether or not to create an incapacity plan:
- Your age
- Your health
- Your financial situation
- Your family situation
- Whether you own a business
You may also want to consider creating an incapacity plan if you have already been diagnosed with a condition that could result in incapacities, such as Alzheimer’s disease or another form of dementia. An incapacity planning lawyer in California can advise you every step of the way to ensure you and your family get the plan you need.
Why Should I Hire Estate Planning Attorneys?
The legal aspects of any incapacity plan, such as regulations and permissions, can be complex. An incapacity planning attorney can help you create a plan that will provide for your care and protect your assets if you become incapacitated.
Creating an incapacity plan is an important step in ensuring that your wishes are carried out and that you receive the care that you need if you become incapacitated. Without an incapacity plan, your family may have to make difficult decisions about your care without guidance. We can craft a tailored incapacity plan that includes all of your wishes and makes life easier for you and your family. Making critical medical decisions is a major part of life, when the time comes. An incapacitated person with a comprehensive estate plan that includes an advance healthcare directive and powers of attorney specifically designed for an agent to handle financial matters can make a huge difference.
Call Our Elk Grove Incapacity Planning Lawyers Today
Estate planning is a complex process, and it is important to have an experienced attorney on your side. At Cava and Faulkner, our attorneys have experience handling all aspects of estate planning, including incapacity planning. We can help you create a comprehensive plan that will protect you and your assets. For a free consultation, call our California estate planning law firm at 916-685-1225 to get started.