The risk of an incapacitating illness or injury is something that everyone must prepare for. While no one ever wants to believe they could be the one to suffer a medical emergency, you need to make plans in case tragedy strikes. Not planning in advance can put your assets and family at risk and can make a bad situation much worse.
Dickman Reason Bogigian & White can help with making your incapacity plan. We will assist you in taking control over your medical care and over who will manage your assets for you. Give us a call at 317-462-1401 to find out about how a lawyer can offer you the personalized help you need in case of incapacity.
Why Do You Need an Incapacity Plan?
There are several reasons why you need an incapacity plan, each of which is of utmost importance. You need a plan:
- To control your own medical care – With an incapacity plan, you can use advanced directives to determine the level of care you desire or designate if you would like any extraordinary measures used to prolong life. You can also name a person who makes the decisions for you if a medical issue arises that is not covered by your advanced directives.
- To protect your assets – If you cannot manage your assets and no one else has been chosen to take over, the assets could decline in value or be lost if something happens to you and the property and wealth you own are not managed properly.
- To protect your family – An incapacity plan spares your family from having to try to decide if you would have wanted them to turn off machines keeping you alive, or if you would have wanted extraordinary efforts used to save your life. An incapacity plan also means your family won’t be forced to go to court to get guardianship in the event of incapacity, and that your family won’t have to fight over who should be in charge of assets or medical choices.
- To make sure you can cover care costs – Sometimes, people who suffer an incapacitating event, like a stroke, will survive the event but need nursing care. Nursing homes are costly, so having a plan to pay for coverage before you need it is a smart financial choice.
You may have other reasons for needing an incapacity plan which are specific to your situation. You should discuss your goals and concerns when the Lincolnshire incapacity planning attorney so you can determine what your plan needs to accomplish.
What Should be Part of an Incapacity Plan?
Your incapacity plan needs to include the legal tools that protect your assets and family, and that give you control over your medical future. Your plan may include:
- A power of attorney – A POA involves naming an agent so that the agent of your choosing will be the one in charge of asset management if something happens to you.
- Trusts – Certain types of irrevocable trusts can be useful for planning to protect assets in case of nursing home care expenditures. Living trusts, which do not help getting nursing home bills paid, can also have a place in incapacity planning. The living trust creation process involves naming a backup trustee who is able to immediately begin managing assets when you cannot.
- Advanced directives for healthcare – You can name a healthcare proxy for medical decision-making in the event of your incapacity. The proxy makes decisions on your behalf if you cannot form or express an opinion on your own medical care. You can also use a living will and/or a Do Not Resuscitateorder to accept or decline various kinds of medical treatment.
These are just some of many tools that can be used as a part of your incapacity plan. Dickman Reason Bogigian & White offers you the help you need to ensure you have made your wishes known in case you someday cannot speak for yourself