We each go through different stages in our life including moments of incapacity. That is why our clients appreciate putting an estate plan in place which anticipates times in their life when asset protection, incapacity assistance, or life insurance planning is needed.
Prepare for life’s eventualities
Why do you need an estate plan? To prepare for times of incapacity in addition to making end-of-life decisions.
- Who will be in charge of your estate after you die?
- Who will help you when you are frail?
A basic actions difficulty is defined as having difficulty with one or more of the following: movement, emotional, sensory (seeing or hearing), or cognitive
Persons age 65+ with basic actions difficulty
Americans who don't have a Will
Hospital Stays Can Be Lengthy
Why do you need a power of attorney? To give someone the power to pay your bills and take care of your home while you are in the hospital.
- Who will talk to your doctor if you are unconscious?
- Who will pay your bills while you are sick?
For persons aged 65-74
for persons aged 75-84
What is an estate plan?
An estate plan is a set of legal documents that contain your wishes and goals while empowering others to act on those wishes. These legal documents anticipate times of ill-health, incapacity, and death. Each document serves a different purpose.
What does each document do?
Each document in an estate plan has a purpose. A Power of Attorney (POA), for example, names someone who can act on your behalf while you are alive so they can help you with bills, your home, and more. A HIPAA release is a document which lists the people your medical providers, such as doctors and nurses, can talk with about your medical situation. An Advance Directive (AD) names one or two people who can make medical decisions for you if you are unable to do so. Finally, Wills and Revocable Living Trusts describe your wishes for moments of incapacity as well as describe end-of-life distributions from your estate.
What is the process of making an estate plan?
The process begins by meeting with an attorney. Before that meeting you will be asked to fill out a questionnaire so the attorney can understand more about you, your family, your assets, and your goals. The attorney will meet with you, discuss the options available to you, and if you and the attorney decide to work together, begin the process of drafting your estate plan documents.
If you would like to meet with an attorney
Hospital stay statistics compiled from https://www.naela.org/public/about_naela/media/aging_and_special_needs_statistics.aspx (May 2017)
Disability statistics compiled from https://www.cdc.gov/nchs/fastats/disability.htm (May 2017)