Incapacity Planning: Assets & Property
How much do you know about estate planning? It is more than dealing with the distribution of your property and other access in the event of your death. It is also about having an arrangement in place in the event you become incapacitated.
Incapacity planning has many of the same benefits as estate planning. This includes things like control, freedom, and privacy. The only difference is that it comes into play while you are still alive.
If you still have questions, an incapacity planning attorney at Vermillion Law Firm in Dallas can help.
Incapacity Can be Sudden
Incapacity, whether it is a sudden illness or injury — you cannot make informed decisions about your well-being. Something like this can happens and you do not have anywhere to turn.
A judge can appoint anyone to take control of your assets. They can make your personal and medical decisions for you using a court-appointed guardian.
At Vermillion Law firm LLC, we know that incapacity planning gets involved. We know that it is time-consuming. But we also know that if you do not have one in place, you can lose money, time, and control. Do not let this happen — hiring an incapacity planning attorney is an advantage for you.
Without a plan for incapacity in place, you can lose financial control of your assets.
But, it is possible to avoid this loss of control if you put together these two documents with the help of your Dallas incapacity planning attorney:
Financial Power of Attorney
This lets you (with the help of your Dallas incapacity planning lawyer) pick a trusted individual to manage your financial affairs in the event you cannot do so yourself.
It is a vital document and you can make it effective as soon as the ink is dry. You can also make it so it only goes into effect if you become mentally incapacitated.
This gives someone the power to handle your investments, pay your bills, file tax returns, and take other financial affairs related to your assets and properties.
Some people also consider getting a durable power of attorney for both real estate and personal property.
Along with this document, it is also a good time to set up a living will and a health care proxy. These documents tell your family what type of medical treatment you want if you cannot make decisions for yourself.
Revocable Living Trust
This is another plan for incapacity that Dallas assets and property attorneys can help you with. It makes sure that your assets get managed properly.
Here, you are the grantor, beneficiary, and trustee of your revocable trust. However, a designated successor trustee can manage your assets if you become incapacitated.
The trust is a legal document that names a trustee who will manage your property and assets. It also names an executor, who can make sure compliance with the terms of the trust.
You will need to appoint someone as an alternate trustee and executor in case your first choice is not able to serve.
The document outlines who you want to be in charge of your finances and personal care if you are no longer able to make these decisions yourself.
It also allows you to appoint a guardian for your children, should something happen.
This is an excellent way to protect your assets from creditors and other liabilities. However, it does not offer protection from government benefits such as medicaid or social security.
Plan With an Assets and Property Planning Attorney
These tools provide vital services at inopportune times. But they can bring you peace of mind in times of chaos. They also allow you to provide an important service to your family members and other loved ones.
If you become incapacitated, they will not have to worry over knowing how you want your affairs handled. Therefore, information and guidance and incapacity plans are valuable.
No one knows the future. That is why everyone should put an incapacity plan in place.
Get peace of mind that only comes from having such preparations. The Dallas assets and property planning attorneys at Vermillion Law firm LLC can help. Contact us today!