Protecting Your Assets By Planning For Incapacity
You uphold a wide variety of responsibilities in your daily life, and your finances, your health and your loved ones may depend on the proper management of those affairs. If illness or injury should incapacitate you, though, it is essential to have a plan in place so that a person you trust can make essential decisions on your behalf.
At The Law Office of Jamay Lee, A Professional Corporation, our dedication to estate planning allows us to guide you through incapacity planning and ensure that your health and your finances have the protection they need. From our office in San Mateo, we offer clients the first-class legal services they need to prepare for the future.
Helping You Select Someone You Trust To Act On Your Behalf
Many mistakenly believe that one’s spouse or adult children may automatically take over their finances if they become incapacitated. This is not true. In order for someone else to be able to manage your finances, they must petition a court to declare you legally incompetent. The conservatorship process can be lengthy, costly and stressful. Even if the court appoints the person you would have chosen, that person may have to come back to the court to prove how he or she is spending and investing each and every penny.
If you want your family to be able to immediately take over for you, it is essential that you work with an attorney to create the proper legal documents to designate a person, or persons, that you trust so they will have the authority to manage your financial affairs, withdraw monies from your accounts to pay bills, take your IRA distributions and collect any monies or benefits on your behalf.
It’s also critical to establish a plan for your medical care. Under the law, you may appoint someone you trust – for example, a family member or close friend to make decisions on your behalf about medical treatment options if you lose the ability to decide for yourself. You can do this by executing a durable power of attorney for health care designating someone you trust to make such decisions on your behalf. You may also specify your preferred medical treatments such as the use of extraordinary measures should you become permanently unconscious or terminally ill.
Reach Out To Our Experienced Team Today
By planning for incapacity today, you can offer yourself and your loved ones the confidence that you are prepared for the future. To discuss incapacity planning with an experienced attorney, contact The Law Office of Jamay Lee, A Professional Corporation, by phone at 650-378-1263 or through our online contact form.