A common misconception is that estate planning is about death planning. But that is only one piece of an estate plan. Even more significant is having a plan for what happens if you become disabled or incapacitated during your lifetime.

If it’s been a few years since you did your planning or if you’ve had any significant changes in your family or financial circumstances, it’s time to come in and make sure your incapacity plan is up to date.

Avoid Time-Consuming & Costly Guardianship or Conservatorship

How to lose time, money, and control during incapacity

Mental incapacity caused by an injury or illness means you will be incapable of making informed decisions about your finances and well-being.

Without a comprehensive incapacity plan in place, a judge can appoint someone (even a stranger or your most despised relative) to take control of your assets and make all personal and medical decisions for you through a court-supervised guardianship or conservatorship. You and your loved ones could lose valuable time, money, and control until you either regain capacity or die. 

If you become incapacitated, a guardianship or conservatorship can be an expensive, distracting, and emotionally draining process for your family. You and your loved ones may lose valuable time, money, and control until you either regain capacity or die.

Fortunately, you can avoid court interference with comprehensive estate planning. 

The 2 Essential Strategies for Disability Planning

Proactive Planning for Control of Assets

Court control of assets can range from cumbersome (at best) to disastrous (if premature sales of assets are ordered to comply with “prudent” investment standards). But a financial power of attorney and a fully funded revocable living trust can work in concert to provide robust control over your assets.  

Planning for Medical & Living Decisions

Much of “traditional” estate planning focuses on assets, but assets are only part of the issue when it comes to incapacity planning. This second strategy consists of ensuring that you have the proper plan and documents in place to allow a trusted person to make medical and living decisions if you are unable to do so.