If you are concerned about what will happen to your assets and affairs in the event that you are unable to manage them yourself, you are wise to consider creating an estate plan that addresses this issue. There are many estate-planning tools that can be utilized to ensure that you are protected should you become disabled or incapacitated. Following is an introduction to creating an estate plan with this goal in mind.
Six Steps to Creating an Estate Plan That Addresses Future Disability
Now that you are ready to get started creating your estate plan, consider taking the following steps:
- Consult with an experienced and knowledgeable estate-planning attorney. There are several techniques that your lawyer will help you to incorporate into your estate plan that can ensure your estate is protected in the event you become disabled.
- Consider carefully who you would like to be in charge of managing your affairs. Your estate plan can be crafted so that someone you trust is able to quickly and efficiently step in and manage your affairs without a court order in the event that you are disabled or incapacitated. This person will be in charge of making important decisions on your behalf and for your benefit.
- How do you want a disability or incapacitation to be determined? There are several options available. For example, your estate plan can dictate that if your primary physician determines that you are disabled and unable to manager your affairs, that is sufficient. However, other options are available too.
- Consider what should happen with specific assets such as a business. It is important that the business be able to run smoothly even if you are no longer able to manage it yourself.
- Incorporate any of your specific wishes relating to health care. For example, it is important to address end-of-life care, such as whether you would like to receive life support in the event that you have no meaningful chance for recovery.
- Consider incorporating a living trust into your estate plan. This is often the easiest and best way to plan for a time in the future where you are disabled or incapacitated.
The needs of every individual are unique, and an estate plan should be customized accordingly. The Law Office of James F. Roberts & Associates, APC, has helped many clients in Anaheim and throughout Orange County to develop estate plans that address all of their goals and priorities. We encourage you to view our client testimonials page today to learn more about what we may be able to do for you.