Oftentimes, it’s a health crisis that motivates people to get an estate plan in place. Although any time is a good time to start the estate planning process, here are five reasons to consider starting the estate planning process before a health scare.
1. Peace of Mind for You
If you are hospitalized, you will need to be a patient first. If you have a comprehensive estate plan in place, you can focus your energy on healing. Meanwhile, you’ll have the peace of mind that comes from knowing that your money will be handled according to your wishes and by the proxy you’ve appointed. And should you become incapacitated, you’ve provided guidance and a proxy for this as well.
2. Peace of Mind for Your Loved Ones
An estate plan also removes some worries and burdens from your loved ones. They’ll be able to focus on taking care of you. Your healthcare directive will provide decision-making guidance if you’re unable or become unable to make them yourself, which will give your loved ones some peace of mind. In addition, with a financial Power of Attorney in place, your regular financial obligations—and your accumulating medical bills—will be managed by the proxy you’ve appointed.
3. Keep Your Health Care Decisions out of Court
A comprehensive estate plan will clearly document your intentions. Your healthcare directive that guides your health care decisions and your Health Care Proxy that appoints your healthcare decisionmaker should be the primary resources for any healthcare decisions. With these documents in place, your healthcare decisions should stay out of the court system.
4. Avoid Potential Incapacity Issues
If you begin your estate planning process after a health scare, you may open a window for someone to challenge your estate plan based on reduced mental capacity. In other words, someone who doesn’t like the estate plan you create after a health crisis may try to argue that you were not mentally fit when you created the estate plan.
5. Update Your Estate Plan As Needed
You can get your comprehensive estate plan in place and make updates if your circumstances change. In fact, it’s a good idea to get a regular checkup to be sure your estate plan is up to date both with any changes in law and any changes in your life.
Work with a Corning Estate Planning Attorney
We at Roth Elder Law, PLLC would be happy to help you get started on your estate planning journey. Call us today to schedule an initial meeting at 607-962-6162 or complete this intake form and we’ll be in touch.