The process of estate planning is often thought of as being something that is financial in nature. While it is true that arranging for the future distribution of your assets to your heirs is a big part of the equation there are some other things to take into consideration.
Responsible individuals should be prepared for all the eventualities of aging. This can include the possibility of becoming incapacitated at some point in time.
Though the above is not the most pleasant prospect to consider it is better to be safe than sorry. You may well be completely capable of making your own decisions every day of your life, but many people are not and it is wise to be prepared just in case.
Incapacity planning includes the execution of advance health care directives. One of these is the living will.
This type of will does not direct asset transfers. It is used to state your wishes regarding the use of medical procedures.
Some people would not want to be kept alive indefinitely via the use of artificial means if they were in a terminal condition, and others may feel differently. Whatever your choice is you should make it known via the execution of a living will.
Durable powers of attorney are also recommended. With these documents you select attorneys-in-fact who would be empowered to make medical and financial decisions for you if you could not make them yourself due to incapacity.
If you want to take action to put an incapacity plan in place we can help. Simply take a moment to click this link to arrange for a free consultation: Free Incapacity Planning Consultation
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