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Incapacity planning | The Estate Planning Law Firm

INCAPACITY PLANNING

When we review the statistics related to incapacity, we realize there are a large number of us that will become incapacitated at some point in our lives.  It is this reality that drives the need to incorporate an incapacity component into your estate plan.

By taking the necessary steps in advance of becoming incapacitated, you put yourself in a position to memorialize your instructions as they relate to medical decisions, business decisions, and asset management.

An incapacity plan also enables an individual(s) of your choosing to follow through on your instructions without having to unnecessarily navigate the court system – which ultimately wastes your money and time.

Incapacity min scaled

Durable Power of Attorney

A vital component to incapacity planning is a durable power of attorney.   With a durable power of attorney, you are able to pre-designate a person of your choosing as an “agent” or “attorney-in-fact” with authority to “step into your shoes” and make decisions on your behalf, if you become incapacitated. A major benefit to you pre-designating a decision maker, in case you become incapacitated, is the elimination of the need for your loved ones to unnecessarily waste money and time in court, fighting to convince the court to select and appoint a guardian and conservator over your estate. Guardian and Conservator In cases where a person does not have an incapacity plan included within their estate plan, ANY/ALL parties with an “interest” can go to court and file the necessary documents to be appointed as the guardian to make decisions related to your personal affairs. At the same time, someone with an “interest” in your estate could go to court, file the necessary documents, petitioning the court to appoint them as conservator over your assets, allowing them to manage your finances. With an incapacity plan, you can predesignate the person/people that you want to act as your guardian and conservator while you are incapacitated.

We Can Help You

The Estate Planning Law Firm strives to develop long lasting relationships with members of the community. We understand how difficult it is to create a business and build wealth and strive to assist you in your efforts to protect what you have worked to achieve/obtain. Call The Estate Planning Law Firm today at (714) 805-9229 to schedule an appointment.

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Contact The Estate Planning Law Firm today to develop the estate plan appropriate for your needs.

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Disclaimer: This site contains general information only It is not intended to be relied upon as legal advice, nor does it create an attorney-client relationship. This site is for advertisement purposes for Michael J. Holmes, Attorney at Law.

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