When it comes to planning for a family’s future, every estate plan should cover as many contingencies as possible. One of those contingencies is the chance of incapacitation or the inability to make decisions for oneself. Although no one likes to think of him or herself being in such a position, it is indeed a possibility and therefore, an estate plan must cover it.
In the event of mental incapacitation, for example, another family member will need to make decisions on behalf of the incapacitated person. Decisions over medical care and financial affairs will all need to be made, but without any plans made in advance, family members could become embroiled in disagreement over these decisions. Those disagreements could erupt into costly, emotional litigation, and this is exactly what a well-organized estate plan should attempt to avoid.
Choosing the correct person to have decision-making authority over one’s affairs in the event of incapacitation could be difficult. The person should have sufficient life experience to make wise and informed decisions. The person should also have the physical and mental stamina to be in charge of another person’s health and financial wellbeing like this. At Weinstein & Randisi, our estate planning attorneys know exactly what questions to ask to help estate planners determine who shall have decision-making authority.
Our attorneys are also experienced in New York estate planning law, and in drafting powers of attorney and wills that are appropriate to a particular estate planner’s needs. Indeed, no two families are ever the same and, therefore, no two estate plans can ever be the same.