Effective estate planning should include incapacity planning. Incapacity planning is a mechanism to outline your wishes in the event that you become incapacitated. Incapacity planning is normally designed for a time in which you have an injury or illness and you are unable to make informed decisions pertaining to finances and your physical well-being.
Failure to have an incapacity plan in place may result in a court appointing someone to control your assets, and having that individual making decisions about your personal and medical needs. This is less than ideal for many people. Effective incapacity planning should include:
- A financial “power of attorney” document. This legal document is designed to allow an agent of your choosing to pay bills, manage finances, file taxes, pay or sell real estate, and handle other financial matters as needed.
- A healthcare “power of attorney” document. This is discussed in more detail below.
Healthcare Benefits
Incapacity planning should include provisions pertaining to healthcare decisions. When an individual becomes incapacitated, these legal documents can make a huge difference in whether your wishes about your care are respected. In Utah, the document used to accomplish this is called an “Advanced Health Care Directive”, and its contents are prescribed by state law. It is sometimes referred to informally or in other jurisdictions as a “medical power of attorney” or “living will”. It contains various authorizations, including HIPAA authorization, for the person you appoint to make decisions on your behalf and/or carry out your wishes.
Meet With Incapacity Planning Attorneys
We provide assistance pertaining to incapacity planning as an included part of our trust package. Incapacity planning can become outdated and may need to be reviewed every few years, or following a major life event. Please Contact our office in Ogden, UT to schedule a consultation to update your estate plan.
