Many families are under the impression that estate planning begins and ends with a simple document of a will, because it allows your wishes to be known, it names your heirs and you can also stipulate a guardian for your minor child. Although a will is one of the most important estate planning documents you should have on hand, it unfortunately does not account for situations in which you are unable to make decisions for yourself.
Many people don’t realize the critical impact of incapacity; an accident or illness can render you incapacitated very suddenly. While you may not pass away as a result of such an incident, you may be in a debilitated state for an extended period of time. During these critical situations, couples will often rely on one another to make health care decisions or to take care of the household finances, if one spouse becomes incapacitated. However, this requires the proper documentation. When you are in the hospital and unable to care for your financial or health care decisions for yourself, critical decisions may need to be made regarding your care. It is not enough to say that your spouse knows what you want, because the hospitals nor the law will understand this. In addition to a will, families should have an advanced directive for health care and a financial power of attorney in place.
These documents should always be addressed by an estate planning lawyer so they are in place before it becomes necessary to use them. After you are deemed incapacitated by a physician or a court, this is usually too late to use a power of attorney. For this reason, it is strongly recommended that you have them in place as soon as possible after you get married. No one can anticipate a sudden disabling event- talk to a Pasadena estate planning lawyer today.
