Estate planning documents can help estate planners plan for medical incapacity and financial incapacity. It is important to plan for circumstances if an estate planner becomes unable to direct their own medical and financial affairs to help alleviate the burden that may be felt by loved ones and the estate planner themselves and estate planning can help. Following are some of the important estate planning documents to help estate planners plan for incapacity.
Advance healthcare directive or living will
An advance healthcare directive, sometimes referred to as a living will, outlines the medical care and treatment the estate planner wishes to receive. It outlines quality of life concerns and medical treatments the estate planner does, and does not, wish to receive and will also address other concerns such as resuscitation including a do not resuscitate order.
Durable power of attorney for healthcare
A durable power of attorney for healthcare can be used to designate a trusted loved one, family member or friend to direct the estate planner’s medical care if they become incapacitated and are unable to do so and their living will does not also address the medical concern in question. The durable power of attorney will be used to cover concerns not addressed in the advance healthcare directive.
Durable power of attorney for financial affairs
A durable power of attorney for financial concerns can be used to designate a trusted loved one, family member or friend to direct the estate planner’s financial affairs if the estate planner becomes incapacitated and is unable to do so for themselves.
Planning for incapacity is an important benefit of developing an estate plan that estate planners should consider when working on their incapacity plan. Estate planning offers many benefits including peace of mind for challenging times.