Many estate plans solely address what happens when a person dies. They provide instructions for the distribution of their estate and may even nominate a person to oversee that process as their personal representative. Creating an estate plan gives an adult control over their legacy and may prevent their loved ones from fighting over their assets.
Many adults consider their planning complete if they have drafted a will. However, estate plans that only include testamentary instruments leave people vulnerable if they have medical emergencies. Particularly as people age, they need to consider the possibility that they may require more than plans to guide estate administration.
They may require daily support from other people as their health changes as they age. Some people even experience sudden emergencies that can render them incapable of handling their daily affairs. How can an estate plan effectively address the possibility of future incapacity?
People can draft advance directives
The state recognizes a variety of documents that take effect while an individual is alive but incapable of managing their own affairs. People can draft living wills that explain their medical preferences for the sake of their families and any health care professionals providing them with treatment.
They can also create powers of attorney. Medical powers of attorney give another person authority to make decisions about an individual’s treatment if they cannot communicate their wishes to others. Financial powers of attorney can ensure that a trustworthy person pays an incapacitated adult’s bills.
People may choose to draft durable powers of attorney that protect them from guardianship while they are older. If people experience cognitive decline, family members or even professional caregivers could petition the courts asking for the authority to manage a vulnerable person’s daily life and resources. Durable powers of attorney can protect people from guardianship.
People can even draft advance directives explaining their wishes for their physical remains after their passing. Their estate plans can include documents that protect people when they are vulnerable and answer challenging questions for their loved ones.
Creating a variety of documents or expanding an existing estate plan can help people age with grace and feel confident about the legacy they may leave when they die. Adults preparing for retirement, those facing medical challenges and those without spouses to support them are among the various groups of people who may benefit from creating more robust estate plans.
