How does incapacity planning protect you in Texas?

On Behalf of | Oct 14, 2022 | Estate Planning |

If you were to become incapacitated and no longer able to care for yourself or your property, who would be in control of your healthcare decisions or your property? If incapacity planning is not included in your estate plan, you will give the power to make those decisions to the courts. Including incapacity planning as part of your overall estate plan helps to protect you and your property.

Incapacity planning should include multiple parts

Estate planning involves trying to plan for the worst possible scenarios. When you are coming up with an estate plan to address the possibility of becoming incapacitated, the plan needs to involve several key factors. These include:

  • Living wills address acceptable healthcare plans.
  • Resuscitation orders address the right to revive you.
  • Healthcare power of attorney allows someone to make healthcare decisions for you.
  • Durable power of attorney allows someone to handle finances for you.
  • Signing a HIPPA release allows your healthcare providers to discuss your medical condition with others.
  • A living trust allows you to transfer your property.

Each of these steps provides a safety net in case you become incapacitated and can no loner provide healthcare workers with instructions on your care.

Incapacity plans may save you money

If you are afraid to create an incapacity plan because you worry about the cost, you should realize that these plans may save you money in the long term. A lack of a plan can create costly court battles, delay medical treatment, and prevent your bills from getting paid. This lack of a plan could also cause you to lose property after missing mortgage or tax payments.

Incapacity plans can change as your life does

As your life continues to grow and change, so should your estate planning. Moving to a new state, new relationship statuses, and the birth of a child are just some of the instances in which you need to change your incapacity planning to ensure that it continues to protect you and your property.