Have you finished your estate plan? Yes? Congratulations! Does it include an incapacity plan? No? Well, then you do not have a full estate plan.
According to a recent Caring.com survey, only about a third of us even have a will, which means that even fewer of us even have an incapacity plan.
Many estate plans simply do not plan for incapacity, but the fact of life is that many of us will be incapacitated at some point, even if that does not eventually lead to death. And, if we do not have an incapacity plan, there are consequences.
An incapacity plan is about you
Part of your incapacity plan is about you. It gives your medical wishes. If you are incapacitated, who should make medical decisions on your behalf? Are there medical procedures you do not want? If an amputation would save your life, would you be OK with that, or would you rather take your chances? These are all questions that can be addressed in a Florida incapacity plan.
An incapacity plan is also about your loved ones
Just like the rest of your estate plan, an incapacity plan is also about your loved ones, except in a bit of a different way. Who will pay the bills while you cannot? Which bills need to be paid, how will they be paid and how does the payee access the bills? These are also questions addressed in your incapacity plan.
Without this information, you may find that your wife or girlfriend is evicted, or your home foreclosed while you were in a comma after a car accident. It is surprising the number of creditors and utilities that will not take payments from anyone other than the person named on the account being paid.
What about social media?
While social media may not be important to everyone, for those that it is important, an incapacity plan can also address it. It can designate and empower someone to run your social media during your period of incapacity and even include what to post.