At Sivia Law, we often find that people associate the phrase “estate planning” with the task of making final plans and ensuring that loved ones are provided for after death.
While we all want to ensure that our families are taken care of when we’re no longer with them, planning for incapacity can happen during one’s lifetime and is one piece of estate planning that’s often overlooked.
For that reason, it’s important to think about what we want to happen in the sudden event of an illness, disability, or incapacity. For example, how involved do you want family members to be in any medical decision-making? Whom do you trust to access your bank accounts and pay your bills if you can’t? Do you have any specific wishes about the type of care you do or don't want as you age or if you can’t speak for yourself?
Once you clarify your preferences, an estate planning lawyer will encourage you to create the following legal documents to make your wishes known:
Although many people think that a “will” and a “living will” are interchangeable, they’re actually two completely different legal tools. A last will and testament doesn't take effect until your death and deals with the disposition of your assets.
A living will, conversely, is part of a healthcare directive and is used to document your wishes for medical care in the event you are incapable of expressing them yourself. You may also use a living will to leave instructions on what type of life-saving efforts you want to avoid and at what point you want all efforts of prolonging your life to cease.
Not all situations can be covered in a healthcare directive. At some point, it may be necessary for someone else to make decisions about your medical care on your behalf.
In order to have a say about who that person is, you will need a healthcare power of attorney. This document gives the designated person you choose the legal authority to communicate with doctors, manage long-term care, hire caregivers, access medical records, and more.
Along with giving someone the authority to make medical decisions for you if you become incapacitated, you will also want to give someone you trust the authority to handle your finances. This can be done by setting up a durable power of attorney.
Many people will select the same person to serve in the roles of power of attorney and healthcare agent. It’s also possible to select one person to make medical decisions and another to make financial decisions.
This could be a better option for some people who want to avoid putting too much responsibility on one person, or maybe they want to select people with specific skill sets to help them if needed (say one person is better at caregiving and the other is good with money management).
When you begin the process of creating an estate plan, don’t forget to think about (and plan for) the possibility that you could end up physically or mentally incapacitated.
The three documents discussed above are the basics of planning for incapacity, but your attorney may also suggest additional tools based on your family’s needs, such as creating a living trust. All of these which our expertise can help you with in your estate planning.
If you need any help regarding your estate or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.
As a blog exclusive, we also have some free estate planning resources for you! View our life planning guide and our estate planning checklist below to either begin your estate planning or check to be sure you're up-to-date on your documents.
Sivia Law presents a six-step checklist to create your own “Life Planning Guide.” This guide helps you advise your loved ones so that they can honor your wishes for your health care desires as well as for the distribution of your estate.
Click here to learn more!
When it comes to planning your estate, having a checklist and important documents in hand is a key part of the process.
Click here to get started with your estate planning checklist!
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
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