Estate Planning: How to Prepare for Incapacitation
Reflecting on your mortality may not be an ideal activity. However, getting your affairs in order is a wise decision for anyone to make as early as possible. When it comes to estate planning, there’s more to consider than the mere documents that determine how your estate and assets will be handled upon your passing.
Other questions that should be given thought to are what happens if you become incapacitated or suddenly become injured or ill? What if you are diagnosed with a debilitating illness like dementia or Alzheimer’s?
It’s never too early to prepare for what may come. It’s easy to put off tasks such as this when there may seem to be more pressing matters to address. With our guidance and assistance, however, we want to ensure that all possible scenarios are covered, not just when you pass away.
Here are a few ways you can take steps to prepare for incapacitation, if it—heaven forbid—were to occur:
Gather Documents and Contact Information
All official certificates (e.g., birth certificate, death certificate), property documents, vehicle titles, and contact information should be collected and placed in one centrally located safe place to make it easier for your loved ones to locate later. Compiling these documents will simplify the estate planning process for you and your family. An attorney can also hold these important documents for you.
Complete a Will
Securing an official will be one of the most essential steps in your estate planning process. It will specifically detail where you would like your property and assets to go after your passing. You should not assume someone else will make the same choices as you. When you create a will, you name someone you trust to handle the distribution of your property as your estate administrator.
Don’t Forget About Digital Assets
So much is done online these days. If you have a website you run, a blog or any other online activities (such as social media), it would not be a bad idea to note who you would like to handle your digital materials and websites.
Update Your Attorney and Beneficiaries
We go through a lot of life changes; just one year can bring a plethora of changes. If you go through any significant changes— such as a move, marriage, have children, etc.—it is essential to share that information with your attorney. Significant changes like these can bring about different outcomes as far as your estate is concerned, so it’s essential to keep everything current.
If you have life insurance, pensions, or retirement accounts, make sure your beneficiaries know. Anytime there are changes in your family situation, it is an opportune time to review your beneficiaries.
We Can Help
Get the help you need to make sure you have adequately addressed all potential estate planning concerns, including the off-chance of becoming incapacitated. When you are ready to get an estate plan in motion, Burrows Law Group would be more than happy to assist. We have an experienced team that can help you with the process and keep your best interests in mind. Call (972) 304-6000 to speak to an attorney today!