TheElder & Disability Law Firm, APC
Contact Us To Set Up A Strategy Session Toll Free:800-409-6271

Are You Prepared for Incapacity?

When you think about estate planning the financial aspect may be the first thing that comes to mind and of course it is important to prepare your assets for eventual distribution to your loved ones after your passing. However, this is not the only component to a well conceived, holistic estate plan. To be fully prepared it is important to consider the possibility of incapacitation as well.

If you were to become unable to make your own decisions without planning for the possibility in advance you could be subject to a guardianship proceeding. If the guardianship petition was granted you could become a ward of the state and a court-appointed guardian would act in your behalf. Aside from the fact that you may have no input into who this guardian will be, a guardianship proceeding can be expensive and this is a consideration as well.

You can avoid guardianship proceedings if you plan ahead intelligently. People who utilize a revocable living trust to transfer assets to their loved ones will often include a disability trustee who would handle the funds in the event of the incapacitation of the grantor.

Durable powers of attorney are also utilized in incapacity planning. You could choose to execute a durable power of attorney for health care and a financial power of attorney, selecting different individuals to act as attorneys-in-fact for each respective purpose should you choose to do so.

Veterans deal with this issue when applying for benefits as well, and if not properly prepared for, can delay the receipt of benefits for up to two years.

Incapacity is very common among the oldest old and it is something to take seriously. If you are currently unprepared, now would be a good time to take action and arrange for a consultation with an experienced San Bernardino estate planning lawyer.

No Comments

Leave a comment
Comment Information

Secure Your Future & Your Loved Ones’ Future By Planning Today.

Firm Numbers:

Firm Location:

Redlands Office
104 E. Olive Ave., Suite 103
Redlands, CA 92373

Toll Free: 800-409-6271
Redlands Law Office Map

Riverside Office
3610 Central Ave., Suite 400
Riverside, CA 92506

Riverside Law Office Map

Satellite Office:

800-409-6271 | Email