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Why Planning for Incapacity is Essential

While nobody wants to think that one day they may become incapacitated, it is still a possibility that needs to be planned for.

Mental incapacity can be caused by an injury or illness, leaving you unable to make informed decisions about your health, future, and finances.

In this post, you will learn about estate and trust planning, and why it is essential.

What Happens Without an Incapacity Plan?

Incapacity can be temporary or permanent. During this time, you will be unable to conduct business.

You may think, But I have a will. While having a will is important, it can only deal with what happens after you die.

If you become incapacitated without a formal plan in place, a probate court will decide who assumes the responsibility for your health and finances.

Before incapacitation, you may have an idea of who you want to manage your assets- a partner, child, sibling, or friend- but the court will not know this and have to make an independent decision.

This asset manager will be in charge of your finances until you recover or die. These financial decisions can be related to how you are cared for during the time of incapacitation.

If your family disagrees with who the court appoints and you die, they may have to go through the probate court system twice.

Control Your Life with These Three Documents

Advance medical directives require a medical power of attorney, a living will, and a HIPAA authorization. Without these documents, healthcare providers may have to look to your family to make decisions.

A medical power of attorney, or a healthcare proxy, will appoint someone of your choosing to make your healthcare decisions should you become incapacitated.

Choosing an agent with the authority to make these decisions before becoming incapacitated can save your family a lot of heartache in an already difficult time. You should always have a conversation with the person you plan to appoint as your decision-maker.

A living will is a legal document in which you detail what you want, or don’t want, during your end-of-life medical treatment. This can be regarding any procedures or medications you would not want.

A living will should also include your wishes regarding a DNR (do not resuscitate), a DNI (do not intubate), and organ donation.

Federal and state laws have strict regulations to protect a patient’s sensitive health information from being disclosed to others.

Having a HIPAA authorization will grant healthcare providers the ability to disclose your medical information to the individuals you have named. Should you become incapacitated, it is important for your loved ones to know what is going on.

Choosing an Agent

There are many things to consider when choosing someone to be in charge of your finances and health should you become incapacitated.

First and foremost, your designated decision-maker should be willing and able to accept the responsibility. You need to be on the same page as each other regarding some of the most important decisions of your life.

If you are conducting your estate and trust planning in Miami and your agent is in Los Angeles, you may want to consider somebody else for the responsibility.

Modern technology makes the distance between you and your agent seem smaller, but having an agent that is closer in proximity to you may be a good idea. If you end up in the hospital or another care facility, somebody who lives close to you will be able to get to you and talk with your healthcare providers faster.

No matter how close of a relationship you have with someone, you should make sure your agent has good financial practices.

Rather than choosing one person to be your agent right off the bat, it is better to consider and speak with a few different people that you are considering.

Why You Should Make a Plan Now

The year 2020 has brought with it the debilitating virus COVID-19. Studies have shown that the virus negatively affects older people and those with underlying health conditions more than others.

Many people with serious cases of COVID-19 end up intubated, leaving them in the hospital, many times alone, and unable to speak.

Take Miami for example. During the Summer of 2020, Miami was called the “epicenter of the Coronavirus”. The state of Florida has the highest percentage of residents that are 65 and older, making cities like Miami home to a high-risk population.

If you live in South Florida, you should consider speaking to an estate and trust planning firm in Miami or a will planning firm in Miami. The lax COVID-19 regulations in Florida mean there is a higher chance of you contracting the virus.

Estate trust planning in Miami can ensure your needs are taken care of should you become incapacitated by the virus. Will planning in Miami is essential for any resident at risk of being severely debilitated by the virus.

Other Reasons for Estate Planning

Estate planning will give you peace of mind about what will happen following your death. It will take one more thing off the plate of your family members by knowing they have one less thing to deal with.

When making an estate plan, you can plan on how you will be providing for different members of your family.

If you are estate trust planning in Miami, you are able to designate finances or possessions to your children, even if they live across the country.

You can plan the transfer of your business and business assets to a successor while protecting it from possible lawsuits.

You can designate funds to be donated to charities or scholarship foundations that are meaningful to you.

You can pass valuables, collections, and personal effects to future generations to keep your memory alive.

Important for Everyone

No matter your age or if you have underlying health conditions, you can become incapacitated when you least expect it.

Protecting your body and your wishes after this happens is essential, and planning for incapacity is a reassurance for you and your family.

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