Incapacity and disability planning are extremely important, but often overlooked part of estate planning.
What is Incapacity Planning?
Incapacity planning refers to the process of making legal arrangements in advance for someone to make financial and medical decisions on your behalf in the event that you become incapacitated and unable to make those decisions yourself.
Incapacity planning is particularly important when you consider diseases such as Alzheimers. Florida has the highest rates of Alzheimer’s disease diagnosis.
Alzheimer’s disease is a degenerative brain disorder that affects more than five million Americans, and that number is expected to increase as the baby boomer generation ages.
Unfortunately, Alzheimer’s disease slowly destroys memory and cognitive abilities, and eventually leads to death. There is no cure for Alzheimer’s disease, and there is no way to slow its progression.
For many people with Alzheimer’s disease, symptoms first appear after age 65. But, early-onset Alzheimer’s disease occurs in people who are in their 40s or 50s. While this form of the disease is less common, it can be more difficult to manage because it often progresses more quickly than late-onset Alzheimer’s disease.
Planning for Possible Incapacity
There are a few different ways to plan for incapacity in Florida. One way is to designate a Durable Power of Attorney (DPOA) for Healthcare. A DPOA for Healthcare gives someone else the legal authority to make medical decisions on your behalf if you are unable to do so yourself. This can be an especially important tool if you have early-onset Alzheimer’s disease or another degenerative neurological disorder.
Another way to plan for incapacity is to create a Living Will. A Living Will outlines your preferences for end-of-life care, including whether or not you want to receive life-sustaining treatment if you are terminally ill or in a vegetative state. This can be a difficult decision to make, but it can be a huge relief for your family members or loved ones who would otherwise have to make that decision on your behalf.
If you live in Florida, incapacity planning should be an integral part of your estate planning process. There are a number of different tools available to help you plan for your future care, including Durable Powers of Attorney and Living Wills. By taking the time to plan ahead, you can ensure that your wishes will be respected even if you are unable to communicate them yourself.
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