For a number of different reasons a significant percentage of adults go through life without an estate plan. Most people know that they should have some type of plan in place but they feel as though they can take care of it later on.
Because it is so difficult to get people to take the initiative to execute a simple last will it is even harder to raise awareness about the need to plan ahead for the eventualities of aging. When you are relatively young it’s hard to imagine a time when you may need living assistance or become unable to make sound personal, financial, and medical decisions on your own.
Of course there are some people that pass away suddenly due to accidents or catastrophic illnesses when they are relatively young. This is one of the reasons why everyone should have an estate plan in place regardless of age.
However, most people are going to be confronted with the eventualities of aging. To be prepared you must plan ahead intelligently.
When it comes to living assistance long-term care is expensive, and Medicare won’t pay for it. It is important to think about how you would cover these expenses as an elder.
Incapacity planning involves the selection of agents via the execution of durable powers of attorney. These attorneys-in-fact would be empowered to make decisions for you in the event of your incapacitation.
The wise course of action would be to sit down with a licensed estate planning attorney as a young adult to put a comprehensive plan in place. If you keep in touch with your lawyer over the years and make revisions you will always be prepared for any and all challenges that may present themselves.
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