Safeguarding Your Future: The Critical Importance of Incapacity Planning

As the old adage says – there are only two certainties in life, death and taxes. While a properly executed estate plan will address these certainties, a truly comprehensive estate plan will also prepare for the unknown. At Hook Law, we believe that planning for potential incapacity during life is as crucial as planning for the distribution of your assets upon death. Today, I want to emphasize the importance of incapacity planning and how it can protect you and your loved ones from delays in obtaining the care and treatment required, as well as the potential expenses and missteps that may result from being reactive rather than proactive regarding disability planning.

Why Incapacity Planning Matters:

Incapacity can strike without warning, leaving us unable to make critical decisions about our healthcare and finances or to express our desires/wishes regarding these issues. Without proper planning, this can lead to, among other things:

• Confusion and conflict among family members as to the best plan of action and/or compliance with our long-term goals.

• Delays in receiving medical treatment or refusal/withdrawal of measures we do not wish to receive/continue to receive.

• Mismanagement of financial assets – to include the loss or surrender of assets.

• Costly and time-consuming court proceedings

Essential Tools for Incapacity Planning:

1. Advance Medical Directive (often referred to in other states as a living will or healthcare power of attorney):

This document allows you to:

   • Specify your healthcare preferences, including end of life decisions.

   • Appoint a trusted individual (or individuals) to make medical decisions on your behalf and/or to manage your plan of care when you are otherwise unable to give informed consent to your care and treatment.

• Durable General Power of Attorney:

This grants a designated agent (or agents) the authority to:

   • Manage your financial affairs on your behalf – to include (among other powers):

            • Access financial accounts to allow for the payment of bills and/or other expenses.

• Manage and/or direct the management of investment accounts.

• Purchase, lease, sell, or otherwise encumber personal and/or real property for your benefit.

• Engage representation for the purpose of commencing or defending legal proceedings on your behalf and/or against you or your estate.

• Safeguard assets.

• Take action to secure long term care planning to include application for government benefits, as appropriate.

At Hook Law, we understand the sensitive nature of incapacity planning and strive to provide our clients with a compassionate, personalized, and comprehensive approach by being cognizant of the emotional challenges involved in planning for, and addressing, incapacity – whether it be  the result of an acute event (injury or sudden illness), a degenerative condition (such as Alzheimer’s or dementia), or a chronic condition requiring more traditional special needs planning. We offer our clients a plan of action tailored to the unique circumstances surrounding their needs or the needs of a loved one which allows us to ensure all aspects of your/their well-being are protected.

As part of the planning process, we strongly advocate for open dialogue between our clients and their families, loved ones, caregivers (to include those agents to be named in their documents) as well as their healthcare providers about your wishes. Thorough communication, as well as a well-crafted and documented plan, ensures that your preferences are understood and honored when it matters most.

Contact us to schedule a consultation and start your incapacity planning process. Together, we can create a robust plan that provides peace of mind for you and your family.