Planning for Incapacity
Planning for Incapacity – Powers of Attorney & Advance Directives
Possible incapacity is not confined just to the elderly. Young adults may become incapacitated as a result of illness or accidental injuries, so even they need protective planning measures such as durable powers of attorney and health care powers of attorney (Advance Directives).
This is particularly relevant if the young adult is unmarried and comes from a divorced family. For instance, if an unmarried young adult was in a car accident and medical decisions needed to be made, without a health care power of attorney in place, the divorced parents would need to make decisions about the health care of the incapacitated person. This would be a stressful situation for everyone involved. Obviously, advanced planning can help alleviate some of this stress. We consider a range of incapacity planning tools, including the following:
(1) Revocable Trusts
(2) Powers of Attorney
(3) Advance Directives