As the poet Robert Burns mused centuries ago, “The best-laid plans of mice and men often go awry.” Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency. A car accident, sudden illness, workplace injury or a chronic medical condition can force you to re-evaluate the core assumptions you used to plan your future and your legacy.
Frustratingly, you cannot turn back the clock. However, you can take meaningful actions to protect your legacy and estate in the wake of your newfound limitations. Here are some insights to that end:
Work with a qualified estate planning attorney to ensure that:
Get a recommendation from your estate planning attorney or your financial advisor, who can help you take additional actions, such as:
Mind this important distinction:
Be advised that “disability” for legal purposes is different than “disability” for financial planning purposes.
For example, disability for financial purposes might mean you can’t work gainfully anymore because of cancer or a workplace injury. On the other hand, “incapacity” in an estate planning context typically means that a person is no longer capable of making sound decisions, often due to systemic illness or injury.
In other words, you can be “disabled” for financial/insurance purposes and be non-disabled for legal purposes. However, almost anyone who is disabled for legal purposes would also be considered disabled for financial purposes.
Either way, it’s important for us to work together with your financial advisor to make sure you and your family are fully protected.
Take these actions on your own:
Please reach out to us to assess your long term plans and documents and make sure you are as secure as possible in light of your new challenges.