We all hope to enjoy long, healthy lives, retaining our physical and mental abilities.
But life doesn’t always work out that way - which is why you need to prepare for a potential incapacity that could affect you and your family.
So, in thinking about incapacity planning, consider these suggestions:
First, you could create a healthcare power of attorney, which lets you name someone to make medical decisions on your behalf, such as choosing doctors, treatments, and care facilities.
You might also create a financial power of attorney, which allows your chosen representative to invest, sell property, pay bills and debts, collect Social Security benefits, add or change insurance policies, and make other important financial decisions in your place.
And you might also consider establishing a living will, which lets you spell out the steps you would or wouldn’t want to take to remain alive, along with other medical decisions, including pain management and organ donation.
Of course, you may never become incapacitated at all, but by making the proper arrangements, you can make things easier for yourself and your loved ones - just in case.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson and Hawes Dickerson. Members SIPC.
