As much as we all prefer not to think about it, the reality is that the possibility of becoming incapacitated at some point down the road does exist. Because it is a possibility, it should be addressed in your estate plan to ensure that your wishes are honored in the event you do become incapacitated. It also helps to how incapacity is defined and who decides that someone is incapacitated. With that in mind, the Minot elder law attorneys at German Law Group explain who decides if someone is … [Read more...]
How Is Incapacity Defined?
When you think about the need for an estate plan you probably focus on what will happen to your estate assets after your death. While planning for your eventual death is certainly one important aspect of estate planning, it is not the only reason to have an estate plan in place. The possibility of becoming incapacitated is another important reason. The incapacity planning attorneys at German Law Group explain how incapacity is defined and what you can do now to plan for the possibility of your … [Read more...]
The Need for Incapacity Planning
Estate planning should accomplish much more than simply designing a roadmap to be followed when you are gone for the divisions of your estate assets. In fact, a well thought out estate plan should also help grow and protect those assets while you are alive as well as protect you and your loved ones from things such as your incapacity. In order to illustrate the need for a more comprehensive estate plan, an estate planning attorney discusses the need for incapacity planning. Incapacity Planning … [Read more...]
Incapacity Planning: Is It Part of Your Estate Plan
Incapacity Planning: Is It Part of Your Estate Plan from Raymond German The individual nature of estate planning makes it impossible to know exactly which additional components should be in your plan; however, one component that is commonly found in a comprehensive estate plan is incapacity planning. Learn more about incapacity planning is it part of your estate plan in this presentation. … [Read more...]
What Is Involved in Incapacity Planning?
A well drafted and comprehensive estate plan should do much more than simply create a roadmap for the distribution of your estate assets when you are gone. Your estate plan should protect and help grow your assets while you are here and provide for your loved ones when you are gone. One important aspect of estate planning that people often overlook is the need to plan for incapacity. Although you may not want to acknowledge that it could happen to you, the reality is that you could become … [Read more...]
Disability Planning: Do You Have an Incapacity Plan?
Like many people, your estate plan may be intended to serve two primary purposes – protect and provide for loved ones and to plan for the distribution of estate assets in the event of your death. Unfortunately, an estate plan aimed at protecting your loved ones and distributing your assets after your death plan will do virtually nothing for you, your loved ones, or your assets in the event you become incapacitated instead of dying. Moreover, the odds of becoming incapacitated at some point in … [Read more...]
Understand Power of Attorney Limitations
When you start to look into the subject of estate planning, you will probably hear about some things that you did not take into consideration. The execution of a will or a trust is something that most people would anticipate, but you should also address end-of-life issues when you devise your estate plan. To account for the possibility of incapacity, you could use a certain type of power of attorney called a durable power of attorney. A power of attorney that is not durable would no longer be … [Read more...]
How Long Does a Power of Attorney Remain in Effect?
A power of attorney is a device that is utilized across the legal field to empower a representative to act on behalf of someone else. When you execute a power of attorney, you are referred to as the principal. The individual that you name in the document to act on your behalf is called the agent or attorney-in-fact. Some individuals are misled by the term "attorney-in-fact." To act as an agent under a power of attorney, you do not have to hold a legal degree and work as a licensed lawyer. Any … [Read more...]
Free Report: How Do I Prepare for Incapacity
There is also the matter of mental incapacitation and the ubiquitous nature of Alzheimer's disease. Everyone has heard of this disease, but you may be surprised when you hear some of the statistics. The Alzheimer's Association is a great source of information about this horrible disease, and you should certainly explore their site if you are concerned about the eventualities of aging. According to their research, somewhere in the vicinity of 45 percent of people who have reached the age of 85 … [Read more...]
Are Your Advance Directives in Place?
End of life planning is an important piece to the puzzle if you want to be comprehensively prepared from an estate planning perspective. There are documents that you can create to let your wishes be known about health care decisions that could present themselves. Many people become unable to communicate late in their lives. To account for this, your estate plan should include an incapacity planning component. This will involve the execution of legally binding documents called advance … [Read more...]
