Possible future incapacity is something to take seriously when you are looking forward toward the latter portion of your life.
Incapacity could strike due to many different medical scenarios as we all know. In spite of this fact of life you may feel as though it is unlikely that you will ever become incapacitated even though you know that it is possible.
In fact, the existence of Alzheimer’s disease alone makes incapacity planning absolutely essential for everyone.
One out of every eight senior citizens has Alzheimer’s disease, and more than four out of every 10 individuals who are at least 85 years of age are suffering from the disease. It is becoming increasingly likely that you will indeed live to the age of 85 as medical science advances, and this age group is growing faster than any other.
The execution of durable powers of attorney is one way to prepare for possible incapacity. Because they are durable they do in fact remain in effect upon the incapacitation of the grantor.
If you create a revocable living trust to arrange for future asset transfers to your loved ones you could include the selection of a disability trustee. This successor trustee would be empowered to administer the assets that have been conveyed into the living trust in the event of your incapacitation.
In addition to the selection of a successor trustee you should also execute a durable power of attorney for health care so that you have a decision-maker in place should medical decisions present themselves.
- Three Tips to Provide Inheritance Planning Insight - June 11, 2021
- Veterans Pension Can Defray Long-Term Care Costs - June 7, 2021
- How Can a Special Needs Trust Trustee Use the Funds? - June 3, 2021