Planning for potential future incapacity or disability is an essential aspect of a comprehensive estate plan. Taking proactive steps can ensure that the execution of your estate plan is according to your preferences.
Appointing a durable power of attorney
A durable power of attorney (DPOA) is a critical component of an estate plan that addresses future incapacity. By appointing a trusted individual as your agent, you grant them the authority to make financial and legal decisions on your behalf if you become unable to do so.
Establishing a healthcare proxy
A healthcare proxy, also known as a medical power of attorney, designates someone to make healthcare decisions for you if you cannot communicate your wishes. This person should be familiar with your medical preferences and values. Discuss your healthcare wishes in detail with your chosen proxy to ensure they understand and can advocate for your choices.
Creating a living will
A living will provides specific instructions about the medical care you wish to receive if you become incapacitated. It covers scenarios such as life-sustaining treatment, resuscitation, and organ donation. By outlining your preferences in a living will, you help guide your healthcare proxy and medical professionals, reducing the likelihood of disputes or confusion.
Regularly reviewing and updating your plan
It’s important to regularly review and update your estate plan to reflect changes in your circumstances, such as new assets, changes in relationships, or evolving medical preferences. Keeping your plan current ensures that it accurately represents your wishes and provides clear guidance in the event of your incapacity or disability.
Being proactive with estate planning
By taking these steps, you can ensure that your estate plan accommodates potential future incapacity or disability. This proactive approach provides peace of mind, knowing that the management of your estate will be according to your wishes and that your loved ones will have clear guidance during challenging times.