Incapacity Planning Lawyers
An incapacity plan can be created when a minor turns 18, so as early as that. An incapacity plan could also be made when you retire. Incapacity planning should be done even in your later years.
Starting with the minor when he or she turns 18, parents need to understand that when their child turns 18 they can no longer manage accounts and make medical decisions for that child or get medical information for that child. The child is on his or her own when he or she is in college. If that child is in an accident and cannot make decisions, the parents won’t have any say without incapacity planning documents. A durable power of attorney is the first place to start and you’re never too young.
Upon retirement, you should consider incapacity planning along with long-term care planning. Who will take care of your finances if you cannot manage money? Who will make medical decisions for you if you don’t know your name? What do you want these people to do on your behalf? That’s incapacity planning.
You’re probably too late to incapacity plan if you don’t know your name, where you live, and the year. So take care of it early. If you fail to plan for incapacity, then you may require guardianship proceeding, which can help an incapacitated person who didn’t plan. Guardianship proceedings for an aging adult usually start at $12,000, so an incapacity plan is an essential cost savings.
At Berg Bryant Elder Law Group, PLLC, we assist residents of Northeast Florida with incapacity planning.
- What Is Incapacity Planning In Estate Planning?
- What Types Of Details Need To Be Covered In An Incapacity Plan?
- What Is The Difference Between A Power Of Attorney And A Guardianship?
- What Happens If I Become Incapacitated Prior To Developing An Incapacity Plan?
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