January Newsletter: Incapacity Planning

Why You Need to Worry About Incapacity Planning

Estate planning often focuses on preparing for what happens after death. But what if someone is unable to manage their affairs while still alive? Incapacity—whether temporary or permanent—can happen to anyone, at any age, due to illness, injury, or cognitive decline. Without a plan, decisions about finances, healthcare, and personal matters could be left to the courts. You can take action now to protect your future and avoid gaps in your estate plan by naming trusted decision-makers through documents like financial and medical powers of attorney or a living trust. Doing so provides your loved ones with clear guidance during a challenging time.

Whom Do You Trust to Make Your Financial Decisions

Financial decisions are a part of daily life—whether paying bills, managing investments, or planning for the future. But what happens if someone becomes unable to handle their own affairs? Without a plan, the courts will appoint someone to make financial decisions.

Estate planning allows you to take control by naming trusted financial decision-makers. Tools like a revocable living trust and a financial power of attorney empower you to choose who will step in if needed. These documents both avoid court intervention and also allow you to provide clear instructions about financial management. Choosing the right person—trustworthy, financially knowledgeable, and organized—ensures that your affairs are in good hands.

Whom Do You Trust to Make Your Medical Decisions

Decisions about health are deeply personal, so it’s no wonder that the thought of someone else making those choices makes most people uneasy. But what if you were unable to communicate your medical wishes? Without proper planning, those decisions could be left to the courts who may not know of your preferences.

Estate planning gives you the power to take control of your healthcare future. Tools like a medical power of attorney and living will allow you to name a trusted healthcare proxy and clearly outline your treatment preferences. These documents work together to ensure your values and wishes are respected, even if you cannot speak for yourself.

Read January’s full newsletter to learn more, and contact the experts at Law Stein Anderson so that we can guide you in creating an estate plan that protects your wishes.