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Do you know how to plan for incapacity?

Many people think about estate planning and the only thing that comes to mind is passing on. They want to make the right decisions now to ensure that their loved ones are in good position in the future.

Have you considered the fact that you could become incapacitated at some point? Nobody wants to think about this, but it is a big part of the estate planning process. You must know the ins and outs of incapacity, including what you can to do ensure that the right decisions are made should you find yourself in this position.

There are many legal documents to consider, including a durable power of attorney and trust. With this, you can do many things, such as designate a person to make financial decisions if you are unable to do so on your own.

You should also consider a health care power of attorney, as this names a person to make medical decisions if you don't have the ability to do so.

You can give as much or as little authority as you want through a power of attorney.

If you have yet to plan for incapacity, this is something you should add to your estate plan in the near future. Regardless of your age, an illness or injury could put you in this position. You don't ever want to become incapacitated, but you never know what the future holds.

Learning more about incapacity planning is a must, as the decisions you make now could have a big impact on both you and your family down the road.

Source: AARP, "Planning for Incapacity," accessed Aug. 06, 2015

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