A will is an important planning document that every adult needs. However, it doesn’t prepare you for all of your needs. Many people assume that a will can be used during incapacity, “I named my son as my executor.” Unfortunately, this is won’t work. Take a look at the following information, to learn more. If you have any questions, or if you’d like to create a will or other planning device, contact an estate planning attorney.
Your Will is Only Effective after Your Death
When you choose to create a will, you’re planning for the future. Your will is only utilized and only becomes effective after your death. While you create a will during your lifetime, it can’t be used during your lifetime to make decisions. If you become incapacitated, you will need to have other documents in place.
You Need a Power of Attorney and Health Care Proxy during Your Lifetime
You may choose to create a power of attorney and health care proxy. A power of attorney allows you to make sure that your and financial affairs are in order during your incapacity, while a health care proxy allows you to make sure that your medical affairs are in order. Your agents will be able to make decisions on your behalf.
Consider a Living Will
Additionally, you may also choose to create a living will. This gives you the opportunity to spell out your wishes regarding the use end of life treatments and procedures. Many people choose to make decisions about the use of life support.
Consider a Revocable Living Trust
Another option is to consider creating a revocable living trust. You can give an individual, a disability trustee, the authority to mange your trust’s assets during incapacity.
Where to Get More Information and Help Putting a Disability Plan in Place
It’s important to have the right planning documents in place, so that your needs are met. If you have a will, know that it doesn’t protect you during incapacity. If you have any questions about how to properly utilize incapacity planning documents, consult with a qualified estate planning attorney.