Overcoming Incapacity
The best-laid plans of mice and men often go astray. - Robert Burns, translated from his Scottish poem
If you haven't already figured this out, things seldom turn out exactly as we'd like them to. For example, you may imagine yourself dying a quick and painless death, surrounded by family and/or a much younger attentive "companion," after achieving a long, fruitful, and rewarding life. For those with severe short-term memory problems, please re-read the first sentence of this paragraph again.
The reality is that your death may take many forms. If you are lucky, it may even occur as described above. Nevertheless, you should always be prepared for the worst.
For this reason, part of the estate planning process involves providing you with control over important matters while you are incapacitated. It may seem like it's stating the obvious, but it is hard to handle financial matters and make medical decisions when you are in a coma or paralyzed due to a stroke or other illness. Through some easy to use estate planning tools, you are able to act now while you are of sound mind and body (whatever that may be for you).
A durable power of attorney is a legal form that allows the holder of the power to sign documents and otherwise control a person's assets on behalf of an incapacitated person. This is very helpful, for example, when money or assets must be reached to pay the incapacitated person's bills. Remember, though, that such a power should not be given away lightly and should only go to somebody who is completely trustworthy.
For medical decisions, there is the health care power of attorney. This operates like the durable power of attorney, except this power deals with making health care and medical decisions on behalf of a person while they are unable to do so for themselves. Some states also allow a related legal document, known as a declaration to physicians, allowing a physician to terminate life support when there is no hope of recovery.
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