As much as we do not like to think about it, there is the possibility that our physical condition will prevent us from making the decisions we need to make concerning our own care. It is under these circumstances that a durable healthcare power of attorney can allow for someone else to handle our affairs in the event of incapacitation.
There are circumstances where the medical condition could be temporary. On the other hand, there may be instances where an individual becomes incapacitated by more permanent conditions such as dementia or Alzheimer’s disease. Both of these conditions appear to be on the increase.
As one attorney points out, lack of preparation when it comes to estate planning can lead to a number of adverse consequences. One’s estate may be forced through an expensive and invasive probate process. Individuals and heirs may be forced to pay a number of unnecessary taxes. It could also lead to assets not being distributed in the manner that one may wish, or lead to lawsuits between contesting heirs.
It’s good to remain in touch with experienced estate planning attorneys who have access to the various resources to put a usable plan together. There often are a variety of needs that will have to be met when going through the process. It will require attorneys who understand tax implications concerning the moving of assets and ones who understand how certain assets can be shielded. These attorneys can help clients make the choices concerning their future care and the way their finances are put to use.
Source: Nevada Business, “A Primer on Estate Planning: Be Prepared,” Norman Bell, Nov. 2, 2013