Does your estate plan include provisions for incapacity or does it only take effect after your death? Does your Estate Plan include a Last Will and Testament and perhaps a Revocable Living Trust to distribute our assets following death.
Your Estate Plan should include documents that are effective during periods of incapacity as well as following death. These documents might include a Revocable Trust that names a successor trustee who manages your assets during incapacity. It might also include a Power of Attorney that allows your agent or attorney in fact to act in your place during periods of incapacity. Your Estate Plan should also include an Advance Directive for Health Care that designates who will make decisions regarding your health if you are unable to communicate.
If your Estate Plan includes a Revocable Trust, Power of Attorney and Advance Directive for Health Care, you may avoid the appointment of a conservator or guardian during periods of incapacity. In each of these documents, you are able to designate who will serve during periods of your incapacity rather than the Court doing so.
In the absence of these documents, if you are incapacitated, your family may be required to seek Court intervention naming someone as your agent. This process is costly and requires time to process the petitions through the courts.
We work with individuals and families to develop estate plans. Each individual’s needs are unique and this article only provides an overview of documents to consider when planning your estate. For more detailed information and to discuss your specific case, call us today at (678)781-9230 or email us at firstname.lastname@example.org to schedule an appointment.
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