Life can be unpredictable. An unexpected accident or serious illness can leave you unable to make decisions about your finances, health care, or personal affairs. While we all hope to avoid these situations, preparing for the unexpected is an important part of protecting yourself and your loved ones. Without a plan, those closest to you could face difficult decisions, legal hurdles, and uncertainty during an already stressful time. That’s where incapacity planning comes in—it ensures that if you become unable to speak for yourself, your wishes are clear, and your affairs are managed by people you trust.
Why Incapacity Planning Is Essential
Many people assume that incapacity only affects the elderly, but it can happen to anyone at any time. Without proper planning, your family may endure lengthy court proceedings to make decisions on your behalf. Incapacity planning provides peace of mind by allowing you to:
- Maintain control over who makes decisions for you.
- Avoid guardianship proceedings, which can be costly and time-consuming.
- Ensure your medical preferences are respected.
- Protect your finances from mismanagement.
Taking the time to establish a plan now can spare your loved ones stress and confusion later.
Key Legal Tools for Incapacity Planning
Effective incapacity planning involves several legal documents that work together to address financial and health care decisions. At Borakove Osman LLC, we guide you through creating a plan tailored to your needs, which may include the following tools:
1. Durable Power of Attorney
A Durable Power of Attorney (POA) allows you to appoint someone you trust—known as your agent—to manage your financial affairs if you become unable to do so yourself. This document remains in effect even if you become incapacitated, making it a vital part of any incapacity plan.
With a POA, your agent can:
- Pay bills and manage bank accounts.
- Handle investments and real estate transactions.
- File tax returns on your behalf.
- Make other financial decisions according to your instructions.
Without a POA, your family may have to petition the court for the authority to manage your finances, which can be expensive and time-consuming.
2. Health Care Power of Attorney
A Health Care Power of Attorney (HCPOA) designates someone to make medical decisions on your behalf if you cannot communicate your wishes. Choosing a trusted individual ensures that your health care preferences are honored when you’re unable to advocate for yourself.
Your health care agent may:
- Discuss treatment options with medical providers.
- Make decisions about surgeries, medications, and other treatments.
- Approve or decline life-sustaining measures.
Wisconsin law requires that a HCPOA be signed in the presence of two witnesses who are not related to you or involved in your health care.
3. Advance Directives (Living Will)
An Advance Directive, often referred to as a Living Will, specifies your preferences for end-of-life care. This document guides health care providers and family members if you’re unable to communicate your wishes regarding life-sustaining treatments.
Your Living Will can outline whether you want:
- CPR or other life-saving measures.
- Mechanical ventilation if you cannot breathe on your own.
- Artificial nutrition and hydration.
Having an Advance Directive helps prevent confusion or disagreements among family members during emotionally charged times.
4. HIPAA Authorization
Privacy laws often prevent health care providers from sharing your medical information with others—even close family members—without your consent. A HIPAA Authorization allows you to name individuals who can access your medical records and speak with your health care providers.
Including this document in your incapacity plan ensures that your chosen decision-makers have the information they need to act on your behalf.
5. Revocable Living Trust
While many think of trusts as estate planning tools, a Revocable Living Trust can also be valuable for incapacity planning. By placing assets in a trust, you can designate a successor trustee to manage those assets if you become incapacitated, allowing for seamless financial management without court involvement.
Benefits of a living trust for incapacity planning include:
- Continuity in asset management
- Avoidance of conservatorship or guardianship proceedings
- Privacy (since trusts are not public records like wills)
Common Misconceptions About Incapacity Planning
Many people delay incapacity planning due to common misconceptions, such as:
- “I’m too young to worry about that.” Incapacity can result from accidents or sudden illnesses at any age.
- “My spouse can automatically make decisions for me.” Without the proper legal documents, even a spouse may need court approval to manage finances or make medical decisions.
- “I have a will, so I’m covered.” A will only takes effect after death and does not address decision-making during incapacity.
Planning ahead eliminates these misunderstandings and ensures your affairs are handled according to your wishes.
Why Work with Borakove Osman LLC?
At Borakove Osman LLC, we understand that thinking about incapacity can be uncomfortable, but we believe that careful planning is an act of kindness toward yourself and your loved ones. Our experienced attorneys take the time to understand your goals, explain your options, and create a comprehensive plan tailored to your needs.
When you work with us, you can expect:
- Personalized guidance based on your unique situation.
- Clear explanations of legal documents and how they work together.
- Compassionate support throughout the planning process.
We’re committed to helping you make informed decisions with confidence and peace of mind.
Take Control of Your Future Today
It’s clear that taking action now and planning for incapacity can protect you and your loved ones from uncertainty and stress down the road. With the right legal tools in place, you can rest easy knowing that your wishes will be honored and your affairs will be managed by trusted individuals.
At Borakove Osman LLC, we’re here to help you every step of the way. Contact us today to schedule a consultation and start the process of securing your future.
Borakove Osman LLC is your trusted partner for estate planning for young families in Wisconsin. Serving all of Wisconsin, including Madison and Dane County, we are dedicated to providing high-quality legal advice and representation to help you secure your family’s future.