Disability is an important yet often overlooked part of estate planning. Many people will give serious consideration to estate planning for their
Definition of Disability Planning
Planning for your possible mental disability or total physical disability that is so severe that it leaves the client unable to sign anything.
Incompetent: When a medical determination has been made that an individual has lost the mental ability to function effectively.
Incapacitated: When a probate court declares the person legally disabled.
Financial Power of Attorney
Many people rely on their Financial Power of Attorney (FPOA
Revocable Living Trusts
Can help you maintain control of your assets while alive and well, take care of you if you have a disability, and then pass your assets upon your death. They can contain extensive instructions on how you wish to be taken care of if you suffer a disability. And, assets titled in the name of the trust can avoid both guardianship and probate, as well as provide asset protection for the next generation’s inheritance. Unlike the Financial Power of Attorney, a trust will not fail for lack of a Trustee, and a well-drafted trust will contain Trustee successor provisions.