When we think of Estate Planning, we often think of the documents we put in place for when we die. However, that isn’t always the complete story. Sometimes, people suffer illnesses prior to their death that may leave them incapacitated. One of the big common estate planning mistakes is failing to plan for your lifetime incapacity.
In this Estate Planning Minute, Wes Coulson, Illinois Elder Law attorney, discusses another common estate planning mistake and why it’s important to plan for your lifetime incapacity.
Common Estate Planning Mistake #11: Failing to plan for your lifetime incapacity
Hi, I’m Wes Coulson and this is your Estate Planning Minute. This is another is our series on Common Estate Planning Mistakes and here is a big one: Failing to plan for your lifetime incapacity.
We have an intake form and as part of it we ask people if they have any existing estate planning documents. Let me tell you how often we see the answer, “Yes, I have a Will,” “No, I don’t have a property or a healthcare power of attorney.”
You know, we don’t just perk along great and then we die one day, we get old, we get sick, we need help. If you haven’t planned for the possibility of your incapacity during your lifetime, if you haven’t said what you would want done in that situation and who you would want in charge of things, you’ve missed the opportunity to exercise some control of what happens during your lifetime.
Respectfully, a lot of people laugh and say, “Well, I don’t care, when I die I’ll be dead.” I disagree. But, to the extent that’s a valid point. For lifetime incapacity, you’re not dead, you’re still alive and the things that are happening are going to be very important to you. So, make sure you do that as part of your estate planning. Thanks.
For more about Estate Planning, visit these articles:
- What Your Will Doesn’t Cover (and Why It Matters So Much)
- Wills, Living Trusts and Powers of Attorney: How often should they be updated?
- The Lessons of Prince
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.