Two-thirds of American adults do not have estate plans in place. Some of the 33 percent that have wills have never considered the concept of advance health care directives, so the unpreparedness runs deep.
A lot of these folks procrastinate because they think they will have plenty of time to act later on. After all, these are matters that only apply to senior citizens, right? People who think this way fall into the trap of having a short memory and not paying close enough attention to current events.
COVID Wake-Up Call
COVID-19 changed everything when it reared its ugly head on a widespread basis in 2020. All of a sudden, we were watching people in dire medical conditions that they never anticipated.
Older folks were most vulnerable. However, this disease has also taken the lives of thousands of Americans under the age of 65. In addition to the fatalities, some patients that ultimately recovered were unable to communicate decisions for a period of time.
This experience has proven that you should take nothing for granted. You never know what the future holds, and an ounce of prevention is worth a pound of cure.
Alzheimer’s, Incapacity, and Adult Guardianship
Incapacity planning was important before the pandemic, and people of all ages become incapacitated due to injuries and illnesses. This being said, elders are certainly more vulnerable than their younger counterparts.
Alzheimer’s disease alone is enough to make incapacity planning a must. Over 6 million people are living with Alzheimer’s right now, and this figure is expected to grow to more than 13 million by 2050. About one-third of all elders will pass away with dementia.
People with cognitive impairment will typically become unable to make sound decisions at some point in time. If you do nothing to prepare for this possibility, the state could appoint a guardian to make decisions for you in the event of your incapacity.
Under these circumstances, family members may disagree about the right course of action, and your own true wishes may not be carried out. Plus, the government gets involved in very personal affairs when a guardianship hearing is convened.
Proactive Incapacity Planning
You can take the matter into your own hands in advance if you put an incapacity plan in place. This will involve the execution of documents called advance health care directives.
One of these directives is a durable power of attorney, which is used to designate a decision-making representative. The “durable” designation is important, because this type of power of attorney will remain in effect if you become incapacitated.
Another advance directive that should be part of the plan is a living will. You state your life-support utilization preferences in this type of will, and your health care representative would not be able to overrule your choices.
The Health Insurance Portability and Accountability Act (HIPAA) prevents doctors from sharing healthcare information with anyone other than the patient. In light of this restriction, you should include a HIPAA release to give your representatives access to your medical records.
Your incapacity plan should also address financial management. A durable power of attorney for property can be added to empower someone to manage your affairs if necessary. If you have a living trust, you can name a disability trustee to administer the trust in the event of your incapacity.
Discover If Estate Planning Is Right For You
As you can see, there are a lot of things to think about if you want to plan your estate effectively. Legal counsel is invaluable, and this is why you should work with an estate planning attorney when devising your plan.
If you are wondering if we are the right firm for you or where to start, take a look at our testimonials. You will find that our clients are consistently happy with the assistance we provide.
Should you like to schedule a Discovery Consultation to discover how estate planning can best help your family, you can reach our Oklahoma City estate planning office at 405-843-6100. The number for our Tulsa location is 918-615-2700, and you can use our contact form to send us a message.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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