When people think of estate planning, they often think of disposing of their financial estate after they die through wills and trusts. While you should have an estate plan that gives your property to the people or organizations you choose, you should also have an estate plan that prepares for situations when you cannot make decisions for yourself, whether temporarily or permanently. You can use financial and health care powers of attorney to appoint someone to handle financial transactions and make medical decisions for you when you are not able. Having these documents in place in advance clarifies who you want to be able to make decisions for you and reduces the likelihood that your loved ones will have to petition for a guardianship to take care of your affairs. Another useful document is an advance directive for a natural death, also known as a living will. This document lets medical professionals know when you would like to discontinue life-prolonging medical treatment if you are unable to communicate your wishes at the time.
You should not only engage in this kind of estate planning for yourself, but you should also encourage your adult children to plan for these situations by using these documents to appoint people they trust to take care of them. Once your child turns eighteen, your ability to make certain decisions for them becomes limited, and if they do not have the relevant powers of attorney giving you authority to make financial and health care decisions, you may have to petition for a guardianship in order to take care of them if they become mentally incapacitated. This information is based on North Carolina law only, but other states likely have similar documents.
If you are interested in incapacity planning or any other type of estate planning, please contact me at 252-497-2408 or info@jonrountreelaw.com to see how I can help you.
The information on this website is intended for general informational and educational use only and does not constitute legal advice nor is it tailored to your specific situation. The use of this website does not create an attorney-client relationship. Attorney Jon Rountree is only licensed to practice in North Carolina.