Planning for Possible Incapacity and Family Members with Disabilities
Every estate plan should include a provision in case you are ever incapacitated. Who will assist you? How will you compensate them? These documents are extremely important:
Durable Power of Attorney
Power of Attorney authorizes an agent of your choosing to handle your financial affairs if you are ever unable to sign your name or attend to business matters.
Advance Health Care Directive
The Advance Directive for medical decisions allows you to name the person(s) who would work with medical professionals to honor your end-of-life wishes.
Conservator (or Guardian) of Person and/or Estate: If no Durable Power of Attorney has been signed, the court may give legal authority to a family member or professional fiduciary to manage your affairs.
Special Needs Trust
The Trustee of a Special Needs Trust manages funds for someone who (for physical or mental reasons) is unable to manage money. By allowing Trust distributions only for “special needs”, the beneficiary may still qualify for public benefits such as MediCal and SSI.