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Incapacity Planning

If you become incapacitated, you won’t be able to manage your own financial affairs.  Many are under the mistaken impression that their spouse or adult children can automatically take over for them in case they become incapacitated.  The truth is that in order for others to be able to manage your finances, they must petition a court to declare you legally incompetent.  This process can be lengthy, costly and stressful.  Even if the court appoints the person you would have chosen, they may have to come back to the court every year and show how they are spending and investing each and every penny.  If you want your family to be able to immediately take over for you, you must designate a person or persons that you trust in proper legal documents so that they will have the authority to withdraw money from your accounts, pay bills, take distributions from your IRAs, sell stocks, and refinance your home.  A will does not take effect until you die and a power of attorney may be insufficient.
 
In addition to planning for the financial aspect of your affairs during incapacity, you should establish a plan for your medical care.  The law allows you to appoint someone you trust - for example, a family member or close friend to make decisions on your behalf about medical treatment options if you lose the ability to decide for yourself.  You can do this by using a durable power of attorney for health care where you designate the person to make such decisions.  In addition to a power of attorney for heath care, you should also have a living will which informs others of your preferred medical treatments such as the use of extraordinary measures should you become permanently unconscious or terminally ill.
 


With a convenient office location in Sandwich, Peter N. Conathan, Counselor at Law assists clients with Estate Planning, Wills, Trusts, Asset Protection, Special Needs Planning, Elder Law, Medicaid Planning, Guardianships and Probate & Estate Planning throughout Cape Cod including East Sandwich, Forestdale, Sagamore, Marstons Mill, Buzzards Bay, West Barnstable, Pocasset, Mashpee, Cotuit, Catumet, Osterville, Centerville, Onset, North Falmouth, East Wareham, Barnstable, Centerville, Silver Beach, Hyannis, West Yarmouth and Dennis in Barnstable County and Plymouth County.



© 2017 Peter N. Conathan, Counselor at Law
93 Route 6A, Sandwich, MA 02563
| Phone: 508-888-4922

Estate Planning | Advanced Estate Planning | Asset Protection | Elder Law | Incapacity Planning | Guardianships | Special Needs Planning | Planning for Children | Probate / Estate Administration

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