One aspect of estate planning that isn't always considered is incapacitation. It’s important to include this in your will. There are several ways you can do this. In our previous blog post, we talked more about incapacitation and why it’s important to include it in your estate plan. Today, our attorney in Raleigh NC talks further about options you have when it comes to trusting someone you know to help carry out your wishes if you are unable to. If you missed our previous blog, visit back there for more information.
Planning for Incapacitation | Attorney Raleigh NC
Joint ownership is a possibility when planning for incapacitation. When there is a joint owner of certain or all assets and/or accounts, they will be able to make decisions on your behalf, just as you would when you are mentally and physically able. In the event of incapacitation, the joint owner will manage all assets and accounts.
Powers of attorney are used in the event of incapacitation. These documents appoint someone to make decisions for you both financially and from a health care standpoint should you be mentally or physically unable to do so.
There are two types: power of attorney for health care and power of attorney for finances. A durable power of attorney for health care is also called a living will or advance health care directive. The person named is given instructions on what to do when it comes to your health. It ensures that you receive the health care you want, even if you are not able to make the decisions yourself.
You may consider appointing the same person for both roles or you can choose different individuals for each. Either way, you should choose someone you can trust to carry out your wishes. You should also sit down with these individuals and talk with them about your wishes and decisions. It’s important to be upfront with those you appoint as your powers of attorney so that they are informed of your medical and financial decisions in advance.
Eldreth Law Firm, PC | Attorney in Raleigh NC
Contact us with any questions or concerns you may have about the difference between a power of attorney and a durable power of attorney. Our attorney in Raleigh NC is here to help you plan for your future to ensure that your assets are protected should you become incapacitated.
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our attorney to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, divorce, child custody, trademarking, copyrighting, or DWI issues.