Incapacity Planning With a Living Trust

Incapacity Planning

When considering a living trust for the event of death or incapacity, people tend to put it off for the same reason – because they don’t think it’s going to happen to them any time soon. But the truth is, it happens every day to people who – without a plan in place – are now subject to the decisions and administration of probate courts. 

It’s Never Too Early to Prepare for Incapacitation

When it comes to incapacity, we tend to think of having some forewarning and time to plan ahead. But if an accident or illness happened tomorrow that made you unable to make decisions for yourself, not having a plan could mean your loved ones aren’t certain of your wishes for care, financial decisions, and end-of-life preferences.

Even if your chosen decision-makers have clarity on your goals and plans, without the legal documentation to back it up, they may not be allowed to achieve those wishes for you. Worse yet, there are many stories of people fraudulently stepping in to take advantage of the situation while posing to have the incapacitated’s best interests at heart. This can keep everything wrapped up in the courts, causing you and your loved ones unnecessary pain and suffering.

We don’t say this to scare and upset our readers, but to make it clear why it is so vital to get a living trust in place sooner rather than later. With proper authorization and documentation ready to go, important decisions are still in your hands even if you are unable to speak, write, or communicate them.

Living Trust for Parents and Loved Ones

If you aren’t planning on creating a living trust for yourself at this time, but you have a parent or loved one who you want to make sure is protected in the event of their incapacity, it’s a good time to start the conversation. 

You may be ready to talk about a living trust with your parents if:

  • They are elderly
  • They have existing health problems
  • They’ve recently been diagnosed with Alzheimer’s or another degenerative health condition
  • They are in good health but it’s a family priority to be prepared.

 Support is Available to Navigate a Living Trust

A qualified living trust lawyer can help you understand your options and let you be the ultimate decision-maker. They can help you when it comes to knowing the differences between a revocable living trust vs irrevocable living trust, and which is appropriate for your situation.

An estate planning lawyer will collaborate with you to navigate cost savings, ensure privacy and discretion, and make sure that your case stays out of probate courts.

If you are ready to connect with our team and get the ball rolling, contact us today. We are available for both virtual and in-person meetings.

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