Creating a comprehensive, well-balanced estate plan is no simple matter. In the middle of ensuring that your wishes are made clear and your loved ones are provided for, don’t forget to take care of yourself first and foremost.
Many individuals may get so wrapped up in providing for the ones they love, they often forget to make their own care a central part of their plan. Of course, failing to care for yourself only shifts this burden to the ones you love, so it is always best to make sure that you take appropriate steps to ensure you have what you need later in life or in case of disability.
Far too many estate plans do not account for the possibility that an individual may become disabled. Long-term disability, if not properly planned for, can completely dismantle an otherwise well-crafted estate plan.
Long-term disabilities create many kinds of need, from the very basic issues of your ongoing personal and medical care, to the matters of who will take charge of your finances or care for your home and dependents. Furthermore, in some cases, you may be very much alive, but unable to clearly articulate your wishes for your own medical care.
It is absolutely crucial to make sure that your estate plan includes provisions for your own care if disability becomes a factor. Furthermore, you should make sure that you consider naming someone with power to make medical decisions on your behalf and make your end-of-life medical wishes known explicitly. If you lose your ability to communicate clearly, it will be too late.
Creating a proper estate plan is no easy task. If you are ready to create or strengthen your plan, do not hesitate to seek the help of an experienced attorney who can help you protect your rights and your legacy.
Source: Findlaw, “Ten Common Estate Planning Mistakes to Avoid,” accessed June 16, 2017