Incapacity Planning: The Concept and Required Documents
Estate planning in Staten Island is, undoubtedly, a tool enabling you to make serious life decisions. It allows you to look after the people you hold dear even when you’re not here. As grim as it may sound, it’s a task that needs to be checked off from your list.
As incredible as estate planning in Staten Island is, it is not only a last will or trust. Yes, it does make it easier to distribute your assets after you’ve crossed the threshold or mortality. But it also observes the importance of planning for unforeseen circumstances prior to your passing.
In their jargon, an estate planning lawyer in Staten Island would call it “incapacity planning”.
What is incapacity planning?
The concept is not hard to grasp as it is aptly named. The stripped-down meaning refers to estate planning in Staten Island that includes plans for a situation where you might be incapable. Here incapacity or being incapable means mental incapacity.
Physical incapacity doesn’t always impact your ability to make decisions and manage your estate. This is why mental incapacity, whether permanent or temporary, are considered as it limits a person’s ability to give consent.
The incapacity could arise from a degenerative disorder, such as Alzheimer’s or dementia, injuries sustained in an accident or from a stroke. Irrespective of the source, if you are not able to make financial and medical decisions on your own, somebody else has to.Incapacity planning provides a solution. Possession of accumulated assets that can be used to financially support your medical expenses, including your family’s expenses, an incapacity plan can help. Your estate plan will describe how and who will make medical decisions during this time. Also, it will explain what you wish when it comes to end-of-life medical decisions (i.e., in the case of terminal illnesses & incapacity).
Should you be worrying about incapacity planning?
The outright answer to the question is – yes. Whether you’re in your 30s or moving closer to retirement, estate planning in Staten Island has no age limit.
There is a frequent association of the term incapacitated with age-related degenerative disorders. Alzheimer’s disease is one of the main examples.
However, there is no age cap when it comes to incapacity. It can strike anyone.
The fact of the matter is that nobody plans on being incapacitated. However, life doesn’t always play out the way we think it would. And for the moments where you might not be in complete control of protecting people dependent on you, incapacity planning can be a relief.And since you can’t put a timeline on possible disability, coming up with a plan proactively seems like a good solution.
What documents are required for incapacity planning in Staten Island?
An estate planning lawyer in Staten Island will be able to guide you better on what documents you can include for more effective incapacity planning.Generally, the following can be included:
A Will
Your last will and testament explains how your real estate and assets are to be distributed upon your death. Be noted that with wills, there is a chance they will go through the probate process before your estate can be transferred. This is one tool that estate planning in Staten Island offers people for getting their affairs in order.
A Trust
With estate planning in Staten Island, trusts are considered an effective tool for sorting out your life. This is because you are able to protect and manage your estate when you’re alive and have it distributed probate-free when you pass away. Additionally, you can cover more bases with trusts as there are different types of trusts you can create.
The abovementioned two documents are the main ones required. In addition to these, the following make incapacity planning easier:
Durable Power-of-Attorney
A good incapacity plan is always inclusive of a durable POA. It allows people to nominate one person, whether it’s a friend or family member – to make legal, financial, and other decisions when you are incapacitated and unable to make them yourself.
Living Will
A living will explains what you wish your loved ones do in a situation where you depend on life-extending measures to prolong life. For example, the document would tell your caretakers if you want to be on a ventilator or not. Having your wishing clearly defined in the document, you won’t be putting your family in a tough spot.
Healthcare Proxy
As the title suggests, a healthcare proxy allows you to name a person responsible for making medical decisions. Whether it’s a spouse, child or sibling, they’ll act in your place if you’re permanently or temporarily disabled and decide what has to be done.
Planning proactively
With life being as unpredictable and tumultuous as it is, it’s better to make whatever efforts we can to prevent putting our loved ones in a tough position. Estate planning in Staten Island can help you navigate those situations.
The hope is that you don’t end up using the incapacity plan. However, if the need should arise, your estate will be protected as well as your loved ones. Consult an estate planning lawyer in Staten Island to create a solid incapacity plan.
