Planning for Incapacity

Planning for Incapacity

             The truth is, as people live longer it is more likely that there will come a time when many people are unable to make their own life decisions.  Whether it is an accident, surgery, or major illness, you may be put in a position where important decisions about your health care or finances need to be made, and you are unable to make those decisions.   The length of your incapacity may be short or long term, but important decisions will need to be made.

             If you roll the dice and hope that this never happens, you run the risk that these decisions will not be made the way you would want them made.  If you become incapacitated for any reason, someone will likely step up and take on the responsibility – just not necessarily the person you would pick.  In all likelihood a friend or family member would be forced to hire an attorney and seek to be appointed your guardian.  This can be an expensive and lengthy process, and in the end you get the person the court appoints for the job.

             I have seen many cases where friends and family, often with the best of intentions, get into very ugly legal disputes over who should be appointed guardian for an incapacitated person.  This can be very expensive, and the end result is often a divided and angry family.

             Even if you are married, your spouse may not have the authority, in the event you are incapacitated, to make all the decisions needed to manage the family finances and your health care.  As an example, if it was necessary to mortgage property, and both your names are on the title, your spouse would not likely be able to obtain funds without your consent.  In the end, even your spouse might be forced to seek a guardianship.

             Before any of this happens, it is simple enough to grant a power of attorney to the person or persons you choose to have this authority in the event that you become incapacitated.  You can pick the person, give the direction you want, and better ensure that the decisions made are consistent with your desires.  You can control who makes the decisions and how the decisions are made, if you act now.

            You can determine under what circumstances the power of attorney becomes active, and you can always take the power of attorney away.  This can be done for a small fraction of the cost of a guardianship, and you have all the control.  Planning ahead is a prudent and cost effective way to ensure that the person you select has the authority to immediately step in and help you in your time of need.