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Plan In Case You Ever Become Incapacitated
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Many people are concerned about what would happen if they ever became incapacitated and could not handle their own affairs. Who would make their medical decisions? Who would deposit checks, pay their bills and handle other business matters? Fortunately, there are documents you can prepare now to protect you in case you ever become incapacitated and cannot manage your own affairs. Here is a summary of the main ones.
- Durable power of attorney. This is a document in which you name someone (called an "agent" or attorney in fact") to handle your business affairs if you cannot handle them yourself. The person does not have to be an attorney, but because he or she has control over your financial affairs, should be someone you fully trust.
With a durable power of attorney, you can name someone to handle your business affairs immediately, or when a specific event occurs, such as your incapacity (this is sometimes called a "springing power of attorney").
- Durable power of attorney for health care. In this document, you appoint someone to make your medical decisions if you cannot make them yourself.
Powers of attorney can be changed or revoked any time while you are legally competent. Thus, if you want to change the person you have designated to handle your business affairs or make your medical decisions, you can do so.
If You Have No Documents
If you become incapacitated and have no documents, a "conservatorship" proceeding may be necessary. In a conservatorship proceeding (called a "guardianship proceeding" in some states), a court appoints someone to care for you and manage your estate.
Sickness and incapacity can happen suddenly, so it's best to prepare powers of attorney as soon as possible. They will help make sure that if you become incapacitated, your business affairs and medical decisions will be handled by the person you want. They can also help save your family the expense and inconvenience of a conservatorship proceeding.
Estate Planning Question
Q. I am not very wealthy. Why do I need estate planning?
A. Estate planning is for everyone. Your estate plan may cover a lot of issues other than just money. If you want to designate the guardian of your children, you need an estate plan. Even if your savings or wealth are modest, an estate plan lets you decide who will receive your property when you die. For many people, their estate plan also addresses matters like old age, disability and illness.
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All article material © 2003 ANSI.
These Articles may not be reused or
sold in any other way without our permission.
The articles contain general legal information, that law varies from state to state,
and that professional legal advice should be sought before acting on any matter.
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