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048: The Elder Care Journey – Part 2: Incapacity Planning

Absolute Trust Talk

Release Date: 10/05/2020

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Estate planning is an interesting topic, usually because most people immediately think we're talking about planning for their death. But what happens if you are unable to make decisions for yourself? Incapacity planning is one of the most critical planning strategies you can implement because things can be challenging for your family without it.

In this new episode of Absolute Trust Talk LIVE, Kirsten takes a look at part two of the elder care journey. She discusses some real-life scenarios in which incapacity planning has been vital to take proper care of a loved one who can no longer make decisions for themselves legally. No matter what type of plan you have in place, incapacity is something that everyone should address because you just don't know when something could happen. We hope you will take some time to listen in and share this episode with your friends, family, and loved ones.

Big Three from Episode #048:

  1. A written estate plan is critical when it comes to making decisions and acting on behalf of another person legally.
  2. If a document requires incapacity, it specifies precisely what that means. So, be sure to read the document carefully.
  3. Without the proper documentation, you will have to go to court.

Time-stamped Show Notes:

2:57 – When do we know that someone has sufficient cognitive impairment that allows another person to step in and make decisions for them legally?

5: 07 – What are the different kinds of Powers of Attorney?

7:16 – Why is it critical for a person to have a written estate plan and Power of Attorney?

10:41 – How does someone go about getting the authority to do estate planning for someone else?

13:21 – What if a client doesn't have the legal capacity to understand what's going on or make a decision?

14:34 – What happens if an elderly parent makes changes to their estate plan at a time when they may not have legal capacity?

17:01 – What do we do if we have a power of attorney, and we also have the two doctor letters, but the bank we are dealing with still won't accept it?

19:19 – Is a written doctor note stating that a person can do estate planning valid?

Resources/Tools/Links Mentioned in This Episode:

Incapacity Planning Resources

[Ad] If you become incapacitated without a plan, you don’t have time to wait. Support and care are needed right away. At Absolute Trust Counsel, we can help explore the available options that best meet your needs, so that if you become incapacitated, your life and the lives of your family members can proceed as desired. Schedule a free discovery call today, and let’s discuss how to protect your elder care journey.