What You Need to Know About Planning For Incapacity

What You Need to Know About Planning For Incapacity

Though most of us consider planning for the long-term, not everyone does. However, we are here to tell you just how important it is to make a comprehensive estate plan. Part of a complete estate plan is taking action to account for potential incapacitation. We understand that the thought is not a pleasant one, which is why our firm is here to help you efficiently plan for the worst, so you can focus solely on the good times ahead, having peace of mind knowing your finances, estate, and health will be properly tended to in the future. Please read on and reach out to our experienced Maryland estate planning attorneys to learn more about planning for incapacitation and how we can help you through the process. Here are some of the most important aspects of estate planning:

  1. Advance Health Care Directives: These documents allow people to give other certain individuals legal authority to make certain crucial health care decisions, should you be unable to make these decisions on your own at some point. As long as you are mentally competent at the time of signing, you can obtain one. Generally, we recommend that anyone 18 years or older get one. What’s more, these documents do not require notarization; they instead only must be witnessed. If you fail to establish an Advance Health Care Directive, doctors will simply do everything they can to keep you alive, including the use of ventilators, feeding tubes, and more.
  2. Durable Power of Attorney for Finance: These documents permit a trusted individual to access your investments, property, savings/checking accounts, and more, should you ever become unable to handle your finances alone. These documents must also be completed and signed while you are still mentally competent.
  3. Wills: Everyone has to write a will, no matter how many assets they own. Wills allow individuals to appoint executors and ensure their assets are distributed to the intended beneficiaries at the time of their death. Creating a will is a crucial part of the estate planning process, which is why if you haven’t written one, we recommend you start, with the help of our knowledgeable firm, today.
  4. Trusts: Trusts can be used to prevent your estate from entering the probate process upon your death. Additionally, in many cases, you can be the trustee of your trust, meaning you control your trust while alive while establishing a successor trustee who will take over your role as trustee when you become incapacitated or pass away.

Contact our experienced Maryland firm

The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.

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