Incapacity can be a difficult topic to think about, however, estate planning tools make it simple for estate planners to plan for it. Knowing what estate planning documents to include in an estate plan as part of an incapacity plan is important information for estate planners to have.
Powers of attorney and more
There are several documents it can be valuable to include in an incapacity plan. Powers of attorney and an advance healthcare directive, or living will, are essential documents to be familiar with and consider including in an estate plan. As always, estate planners should determine what tools can help them meet their specific and unique needs for their plan.
Powers of attorney can be a useful part of an incapacity plan. A power of attorney can be set up for financial affairs or for medical affairs. A power of attorney is used to designate a trusted agent to make important decisions for the estate planner if they become incapacitated. A power of attorney for financial affairs allows the agent to make financial decisions for the incapacitated estate planner. A power of attorney for medical affairs allows the agent to make medical decisions for the incapacitated estate planner.
An advance healthcare directive is another important document to consider including. An advance healthcare directive, or living will, specifies the types of medical care and treatment the estate planner wishes to receive. It can also specify the types of medical care and treatment the estate planner does not want.
Estate planners should be aware of the different documents to include when setting up an incapacity plan. Estate planning can help guide estate planners through all of the decisions they need to make concerning incapacity planning and other concerns they may have.