…you had a stroke, began to show advanced signs of Alzheimer’s disease or dementia, or were in an accident that left you mentally incapacitated? If you have not done any prior planning, the answer may be a court-appointed guardian.
Incapacity planning—planning by which you decide who would be in charge in any of those circumstances and execute documents to empower the person(s) of your choice to be able to take charge is an important part of estate planning. Not doing incapacity planning is poor stewardship because guardianship is costly both from a financial and emotional perspective.
Durable powers of attorney, living will directives, health care surrogate designations and revocable living trusts are documents that should be considered when you are putting in place your “incapacity plan”. Using them allows you to empower someone to make decisions for you and manage your finances, as well as expressing wishes regarding decisions you would want made for you if you cannot speak for yourself.
Be a good steward—plan for incapacity now.
For more information, please call us at (502) 489-3533 or toll free in KY at 1-(866) 489-3533
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.