As the old saying goes, even the best-laid plans can go sideways. Life has a way of throwing curveballs—whether it’s a car accident, sudden illness, or chronic medical condition—that can force you to rethink your future. If you’re not ready, a disability or incapacity could throw your entire estate plan into chaos.
But here’s the good news: with a little effort upfront, you can protect yourself, your family, and your legacy from the unexpected. Let’s talk about what you can do to prepare for a world where things don’t go according to plan.
Why Planning Ahead Matters
The Centers for Disease Control and Prevention (CDC) reports that about 1 in 4 adults in the U.S. live with some form of disability. That’s a lot of people navigating challenges they probably didn’t see coming.
Here’s the kicker: once you’re incapacitated (meaning you can’t manage your own affairs), it’s too late to make the changes that could protect your finances, property, and family. That’s why it’s crucial to take action now—while you’re still in the driver’s seat.
Key Steps to Take
Work with an Estate Planning Attorney
A qualified attorney can help you:
- Appoint a trusted person to manage your finances, pay bills, and handle legal matters if you can’t.
- Appoint a healthcare decision-maker who can step in if you’re unable to make medical choices for yourself.
- Document your healthcare wishes clearly and legally. This includes end-of-life care preferences and do-not-resuscitate instructions (if your state allows it).
Collaborate with a Financial Advisor
A knowledgeable advisor can help you:
- Ensure you’re properly insured. Life and disability insurance can be game-changers.
- Reevaluate your investments. Adjust your portfolio to align with new income realities.
- Create a realistic budget. Make sure your bills will be covered even if you’re unable to manage them yourself.
Disability vs. Incapacity: Know the Difference
Disability and incapacity might sound like the same thing, but they’re not.
- Disability (for government benefits): Often means you’re unable to work due to a condition like cancer or a workplace injury.
- Incapacity (for estate planning): Typically means you’re no longer capable of making sound decisions, often due to a systemic illness or injury.
It’s possible to be disabled without being legally incapacitated—and vice versa. Either way, planning for both scenarios is essential.
What You Can Do Right Now
1. Revisit Your Estate Plan
Work with your attorney to make sure your current plans are still realistic. If they’re not, explore alternative strategies.
2. Prioritize Your Health
Stay on top of medical appointments, follow your doctor’s advice, and adopt a healthy lifestyle.
3. Lean on Trusted Professionals
This isn’t a solo job. Your attorney, financial advisor, family, and friends can all play a role in helping you navigate challenges. A well-coordinated team can reduce stress and uncertainty while keeping you focused on what matters most.
Let’s Plan for the Unexpected
Life happens. The question is: are you ready for it? Let’s work together to make sure your estate plan is solid, your family is protected, and your legacy is secure—no matter what comes your way.
Reach out today to review your long-term plans and documents. Together, we’ll make sure you’re prepared for whatever life throws at you.