One of the most important things we can do in our lifetime is preparing for the future. Most of us want to be prepared, however, in many cases, we simply “don’t get around to it.” This is one of the biggest mistakes we can make. One of the most crucial aspects of an estate plan is planning for potential incapacity. We understand this is a dull, and even rather gloomy process, however, it is 100% necessary. Fortunately, our experienced New Jersey firm can help you plan for incapacitation both swiftly and efficiently to give you the peace of mind you need to go on living without worry that your assets and health will be properly cared for in the event of incapacitation. Please read on and reach out to our experienced New Jersey estate planning attorneys to learn more about how we can help you plan for incapacitation. Below you will find the most significant aspects of creating such a plan:
Wills: Creating a will is among the most important components of an estate plan. By creating a will today and consistently updating it, you can ensure that in the event of incapacitation, your assets will already be accounted for when you pass away.
Advance Health Care Directives: By establishing one of these, you can appoint a trusted individual to make certain key health care decisions, such as life-supporting treatments on your behalf, should you ever become incapacitated. If you do not create one, doctors will automatically do everything in their power to keep you alive, including using feeding tubes, ventilators, and otherwise. You should note, however, that you must draft and sign this document while you still retain your competence.
Durable Power of Attorney for Finance: You may create one of these to give someone you trust permission to access your finances should you ever become incapacitated and therefore unable to do so yourself. That being said, these documents must also be signed while you are still competent, so it is always best to do so sooner, rather than later.
Trusts: People generally establish trusts to ensure their estate does not enter the probate process upon their death. When you create a trust and are your own trustee, you can appoint a successor trustee who can step in upon your passing or becoming incapacitated.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.