4 Essential Tools To Plan For Incapacity In Florida
Incapacity refers to a person’s lack of physical and/or mental ability to make important decisions or perform activities of daily living. When a person becomes incapacitated, they can no longer manage their own affairs or maintain their own physical well-being. For this reason, they need someone to make healthcare and financial decisions on their behalf.
Planning for incapacity is a precautionary measure that allows you to prepare for your temporary or permanent incapacity. No one knows what could happen to them a year from now or even tomorrow, which is why many Floridians take advantage of incapacity planning to make sure that their wishes will be carried out in the event of their incapacity.
If you wish to plan for incapacity, consider contacting an experienced lawyer to help you plan for the unthinkable properly. Schedule a case review with a skilled St. Petersburg estate planning lawyer to explore your options.
How to Plan for Incapacity in Florida?
There are several tools that can help you plan for incapacity. Essential tools that you could use for incapacity planning include:
- A Living Will. This document contains instructions regarding your preferences for medical care if you are unable to make decisions on your own. Unlike a Last Will and Testament, which become effective after your death, a Living Will is effective while you are still alive but are unable to make decisions on your own.
- Designation of a Health Care Surrogate. A Health Care Surrogate is the person you appoint to make decisions related to medical treatment and healthcare on your behalf in the event of your incapacity. If you have a Living Will, the Surrogate will follow your wishes outlined in the Will when making decisions regarding your medical care.
- Durable Power of Attorney. A Durable Power of Attorney is a person you appoint to make major decisions for you when certain things happen, including incapacitation. Your agent will be authorized to make medical and financial decisions in the event of your incapacity.
- A Revocable Living Trust. When planning for incapacity, you have the option of setting up a Revocable Living Trust to appoint a trusted person to manage and maintain your assets when you are unable to do so on your own due to your disability or incapacity. When creating the trust, you can appoint yourself as the trustee and also assign another person as the successor trustee who will be authorized to exercise control over your assets in the event of your incapacity.
Other estate planning tools may be available in your specific case to help you plan for incapacity. Planning for incapacity is always tough, which is why you may want to consider seeking legal counsel to ensure that you create a comprehensive and valid plan.
At Legacy Protection Lawyers, LLP, our experienced attorneys can help you with planning for incapacity and ensure that your wishes and assets are protected if something happens to you. Schedule a case review with our detail-oriented lawyers by calling 727-471-5868.