What will you do if you or a loved one becomes disabled? Do you have a plan of action in place?
Statistics show that you will likely need long-term health care at some point in your life. According to a 2009 estimate, more than 42 million Americans provide care to an adult with limitations in daily activities.
If you become mentally or physically disabled, such that you are unable to manage your own affairs, the probate court will appoint someone to take control of all your assets and personal affairs. This process is called Living Probate and is often expensive, time-consuming, and humiliating.
Incapacity planning involves making decisions in advance of a physical or mental disability where you are unable to take care of yourself. In your plan, you state your wishes regarding how you will be cared for and you give somebody else, such as a spouse or adult child, the power to make financial and health care decisions on your behalf.
Depending on your particular situation, incapacity planning could include a number of techniques to spell out your decisions regarding everything from paying your bills to making critical medical decisions. This includes creating a Durable Power of Attorney for financial matters, Durable Power of Attorney for Healthcare and a Living Will.
Whether you are facing the possibility of a Living Probate or want to create a plan to avoid that from happening, we can help. Call us today or click here to request a consultation with one of our knowledgeable attorneys.
With the help of the Law Office of Laura Cowan you can ensure that your loved ones are protected and your assets are kept safe even if something happens to you. We create comprehensive estate plans for clients in New York City and we are ready to work with you today to create a plan to ensure your loved ones are taken care of in the event you become incapacitated to pass away. To learn more about the assistance we offer give us a call today at 212-760-2956 or contact us online.