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. In 2017, approximately 41 million family caregivers in the United States provided an estimated 34 billion hours of 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 New York elder law attorneys.