Estate planning seems like the right choice for someone older with a lot of assets, but this overlooks the possibility of incapacity issues that could derail your family or chosen agents from being able to act quickly.
Incapacity planning is all about thinking through who is authorized to make decisions or take actions on your behalf if you’re unable to do so. When this happens and you haven’t done any advanced planning, your loved ones might have to go to court to get approved as your guardian. This is all easily avoided with a power of attorney document created by an estate planning lawyer.
Some things that might prompt the need for a power of attorney document include:
- A car or workplace accident where you’re unable to speak for yourself for a few days
- Going into surgery where you might intentionally or unintentionally be unconscious for a period of time
- An issue with dementia in which your condition deteriorates from mentally sound to unable to make decisions for yourself rapidly
- Getting extremely ill, such as developing COVID and relying on a respirator for a short period of time
- Going into a coma
In any of these situations, you might need someone to manage your financial affairs. While something like a planned surgery gives you advanced notice to get your POA done, other issues named above come out of nowhere and can make things very difficult for your family.
For more information on how to create a power of attorney document, speak with an experienced estate planning lawyer in Virginia Beach today.