Most people typically start estate planning with the idea in mind that they are only going to document where their assets should go after they pass. They might also add guardianship for children as well as a few other things regarding possessions. However, planning for incapacitation is also important.
Planning for Incapacitation | Lawyer Raleigh NC
Incapacitation means you are unable to make decisions for yourself or able to communicate with others. This means health care decisions and finances will need to be taken care of by someone else, even though you are still alive. You are mentally and/or physically unable to make sound decisions. Also, the ability to make sound decisions can become an issue when it comes to managing end-of-life care and the finances surrounding it. You may need to appoint someone to carry out wishes that you've previously made.
In order to make sure you have planned for incapacitation properly, consider the information that you will find here and in our next blog post. We will talk about trusts, powers of attorney, and joint ownership. If you have any questions please feel free to contact our lawyer in Raleigh NC.
A living trust could be an option for you to manage incapacitation. Sometimes, living trusts are difficult to understand. However, within the document you should include the following:
- A successor trustee should be named. This is someone that you trust to manage your assets in the event that you cannot so.
- The person you appoint as a successor trustee should have your best interests in mind and be aware of your wishes before you become incapacitated.
- All assets should be documented within the living trust. These assets will be owned by the trust during the time when you are incapacitated.
To learn more about how you can plan for incapacitation visit back with our next blog post. Also, remember to contact our lawyer in Raleigh NC with any questions you may have regarding this matter or estate planning in general.
Klish and Eldreth | Lawyer in Raleigh NC
Our lawyer in Raleigh NC is here to help you with all your small business needs. Whether you're starting a new venture or making changes to an existing company, we can help with legal situations. Contact us to make an appointment!
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also, contact our lawyer in Raleigh NC to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our lawyer is here to help you with all your legal matters, whether it be estate planning, divorce, child custody, trademarking, copyrighting, or DWI issues.