As you age, you may at some point become unable to make decisions for yourself. Reaching this point of incapacity could have significant financial and health repercussions. It may also impose a burden on your loved ones, who may be forced to undergo costly and time-consuming legal procedures to ensure you are protected. Not only does this compound stress for your family, you may ultimately end up in a situation that you would not have chosen for yourself prior to your incapacity.
Fortunately, you do not have to wait until this day arrives and hope for the best. You can take steps now to prepare and plan for incapacity by executing a few legal instruments. It starts with speaking to an experienced Florida estate planning attorney. Verras Law explains what you need to know.
What Is Incapacity?
Incapacity happens when a person no longer has the ability to make important decisions for him- or herself. It is often attributed to a mental impairment such as dementia or Alzheimer’s, and in this way, it might develop gradually over the course of several years. However, an individual can also become incapacitated suddenly, for instance by being in an automobile accident and going into a coma.
Incapacity can be long-term or short-term, depending on the circumstances that caused it. Either way, a person who lacks capacity will not be able to do things such as:
- Accessing and using bank and other types of accounts
- Paying bills and managing personal finances
- Filing tax returns
- Signing legal documents
- Making health care decisions
Fortunately, there are a few legal instruments that an individual can execute to manage the above and related matters. But not everyone takes the opportunity to sign these documents while they still can.
What If I Become Incapacitated Without a Plan?
A person who becomes incapacitated will, hopefully, have a loving family who steps in to take care of them. But financial and healthcare responsibilities do not automatically transfer to someone else. For instance, only the incapacitated person would have the right to use his or her bank account, which of course could not prudently (or perhaps actually, in the event of a coma) be done.
Someone in your family would have to initiate guardianship proceedings to become your legal guardian. Only if this happens can your guardian then manage your financial and health affairs for you. But the process of becoming a guardian could take significant time and money, especially if more than one individual wants to fulfill this role. Also, the decisions that your guardian makes (including becoming your guardian in the first place) may not be the ones that you would have made for yourself.
Planning Properly For Incapacity
To avoid being placed in this vulnerable position and jeopardizing your health and finances, it makes sense to prepare for your possible incapacity by drafting and signing a few estate planning documents. They include:
Financial Durable Power of Attorney
This document allows someone (known as the principal) to choose another person (known as the agent or attorney-in-fact) to make financial decisions for the principal in the event of incapacity. Even though you may have a spouse or child you would like to take care of your finances, this person cannot automatically step in and do so without a power of attorney. Choosing your attorney-in-fact is an important decision because the authority granted by the power of attorney may be considerably broad.
Living Will
A living will notifies doctors and other health care providers as to whether you want life-prolonging measures to be administered or withheld if you are incapacitated and experiencing another severe condition like being in a terminal or end-or-life stage or being in a persistent vegetative state. You can use the living will to convey your preferences concerning:
- Assisted nutrition (e.g. tube feeding)
- Intravenous hydration
- Artificially assisted breathing
- Dialysis
- Antibiotics
- Pain medications
Healthcare Surrogate Designation
Sometimes called a health care power of attorney, this document expresses an individual’s wishes regarding their personal medical care. To make sure that one’s health care wishes will be respected during incapacity, the person uses this instrument to designate a surrogate. This person will be trusted to make health decisions on your behalf. The surrogate should be able to respect and carry out your wishes even if your family members object or have differing views.
How Our Estate Planning Attorney Can Help
When you retain Verras Law to assist with your incapacity planning, we review your concerns regarding who will manage your finances and health care if the day comes when you cannot. We can discuss how to select an agent and surrogate, and how broad or narrow you want the authority that you grant to be. Lastly, we can discuss other estate planning documents you should have such as a last will and testament.
Contact Our Tampa Bay & St. Petersburg Incapacity Planning Lawyer
Incapacity can cause legal and personal problems, but it doesn’t have to be this way. Working with the right law firm, you can give yourself and your family the peace of mind you all deserve by establishing a plan to take care of your financial and health care issues. Give Verras Law a call today to learn more.