No, there are a couple of other documents that would be included in a well-constructed incapacity plan. Medical professionals are not allowed to release health care information to anyone other than the patient unless a HIPAA release form has been signed. You should execute one of these documents to give your health care agent access to your medical records. The other incapacity planning document that should be added is a living will. You use this type of will to state your preferences with … [Read more...] about Is that all you need to prepare for incapacity?
Incapacity Planning FAQs
This is typically done through the execution of the appropriate incapacity planning documents. For financial matters, you could execute a Durable Power of Attorney for Property. After you do this, the agent would be legally empowered to manage your affairs in the event of your incapacitation. If you have a Revocable Living Trust, you would act as the trustee throughout your life. To account for latter life incapacity, you can name a disability trustee to succeed you if these unfortunate … [Read more...] about How can you prevent a guardianship?
If you do nothing to prepare for this eventuality in advance, the court could be petitioned to appoint a guardian to act for you. You would become a ward of the state if the court agrees that you are no longer capable of making sound decisions on your own. This is a necessary safeguard, but there are drawbacks that can go along with a guardianship proceeding. One of them is the time consumption. The need for a representative may be immediate, but this process can take some time to run its … [Read more...] about Who makes decisions for me if I become incapacitated?
Far too many people assume that incapacity is something that happens to “the other person.” In reality, it is quite widespread among elders, and longevity statistics tell an eye-opening tale. According to the Social Security Administration, a man that is turning 67 today has a life expectancy of 85 years, and it is 87 years for a woman. This means that if you are around long enough to collect your full Social Security benefit, it is likely that you will live into your mid-80s and perhaps … [Read more...] about Incapacity is very rare, right?