“Life is like a box of chocolates—you never know what you’re gonna get.” This famous line from Forrest Gump perfectly captures the unpredictability of life. None of us can foresee the unexpected twists—a sudden illness, an accident, or a change in circumstances. But while we can’t predict the future, we can and should prepare for it. 

An unfortunate unanticipated event can render anyone incapable of making personal, medical, or financial decisions. Without a plan, your loved ones may face legal challenges and emotional distress while trying to manage your affairs. Therefore, proactive incapacity planning is not just advisable—it’s essential for every responsible adult.

Understanding Incapacity Planning

Incapacity planning involves establishing legal directives to ensure your wishes are followed and respected if you’re unable to make decisions for yourself due to an event outside of your control. This foresight provides clarity and guidance to your family during challenging times, which makes everyone’s life a little easier, while respecting your preferences.

Key Components of an Incapacity Plan

1. Durable Power of Attorney (DPOA): This document allows you to designate a trusted individual chosen by you ahead of time to handle your financial matters if you become incapacitated. Without a DPOA, your family might need to seek a court-appointed guardianship, a process that can be time-consuming and costly. 

2. Medical Power of Attorney: This document grants a chosen person the authority to make healthcare decisions on your behalf, ensuring that medical choices align with your priorities. It’s easier for others to make decisions on your behalf when you’ve thought things through and left clear guidance.

3. Living Will (also called an Advance Directive): This document outlines your wishes with regard to life-sustaining treatments, guiding healthcare providers and loved ones in making end-of-life decisions. Don’t leave tough choices to chance! 

4. Revocable Living Trust: By placing assets into a trust, you can manage them during your lifetime and specify their distribution to your designated beneficiaries upon your death or incapacity. This tool can help avoid probate and provide clear instructions for asset management. (Read our blog post on why you should avoid probate and see the FAQ section for more information.)

The Consequences of Not Planning

Without these essential legal documents, your family may face:

Legal Delays: Guardianship and asset management court proceedings can be lengthy, stressful, and often require hiring an attorney, many of whom charge by the hour for their services

Financial Hardships: Without proper authorization, accessing funds to pay bills or manage your care can be restricted. In fact, banks and other financial institutions typically won’t allow a person to access a close family member’s accounts without the proper legal authority. 

Emotional Strain: Loved ones may struggle with uncertainty about your wishes, leading to potential conflicts and added stress. Many family disagreements can be avoided if everyone is on the same page about your wishes. It’s much easier to respectfully honor your choices rather than guess what you would want to happen! 

Take Control of Your Future

Don’t let your future be uncertain. Contact Tetiana Benzakin Law today to schedule your estate planning session. Together, we’ll create a comprehensive incapacity plan tailored to your needs, providing clarity and security for you and your loved ones.

Planning for the unexpected is an act of love and responsibility. Let us help you navigate this crucial aspect of estate planning with compassion and expertise.