Preparing for the Unexpected: A Guide to Incapacity Planning and Legal Arrangements
Edward Jones - Chad Choate, AAMS
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Nov 13, 2024
Florida - Sarasota, Bradenton & Charlotte Counties
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We all hope to enjoy long, healthy lives, retaining the ability to think clearly and make our own decisions. But life doesn’t always work out that way — which is why you need to prepare for a potential incapacity that could affect your independence and possibly create financial problems for your family.
So, in thinking about incapacity planning, you may want to consider the following arrangements:
• Health care power of attorney – When you establish a health care power of attorney, you name someone, such as a spouse or adult child, to make medical decisions on your behalf, should you become incapable of making them on your own due to disability or illness. These decisions include choosing doctors, treatments and care facilities.
• Financial power of attorney – With a financial power of attorney, you designate someone to assume a variety of duties for you in case you become incapacitated. These tasks include investing, selling property, paying bills and debts, collecting Social Security benefits and adding or changing insurance policies.
When establishing a health care or financial power of attorney, you may need to decide whether it’s “durable” or “springing.” A durable power of attorney typically takes effect immediately after you sign it, have it notarized and witnessed. So, the person you’ve chosen to have power of attorney — sometimes called an “agent” — can act on your behalf whenever you choose. On the other hand, you could select a power of attorney that “springs” into effect only when you become incapacitated — hence, the “springing” designation.
One issue affecting a springing power of attorney involves the speed with which it can be enacted. Generally, it won’t go into effect until a licensed physician declares in writing that the person granting the power of attorney is indeed incapacitated. This could cause a problem if your chosen agent needs to act quickly on your behalf. It’s because of this potential delay that a durable power of attorney is often favored over a springing power of attorney. However, everyone’s circumstances are different, so if you have a choice between a durable or springing power of attorney, you may want to consult with an estate-planning professional for guidance.
Apart from the health care and financial powers of attorney, you may also want to consider one other incapacity-related legal document — a living will. When you establish a living will, you describe the steps you would or wouldn’t want taken to keep you alive, along with other medical decisions, including pain management and organ donation. Obviously, the decision to create a living will is highly personal, involving your feelings about self-sufficiency and the circumstances that define the quality of life you wish to have. But the mere fact of having a living will can relieve your loved ones of having to make potentially agonizing decisions.
Planning for an incapacity may not be the most pleasant task — but it’s an important one. Of course, you may never become incapacitated at all, but by making the proper arrangements, you can make things easier for yourself and your family — just in case.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
chad.chaote@edwardjones.com
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
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Local Services By This Author
Edward Jones - Chad Choate, AAMS
Financial Services 828 3rd Ave. W., Bradenton, Florida, 34205Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Edward Jones - Chad Choate, AAMS
Retirement Planning 828 3rd Ave. W., Bradenton, Florida, 34205Experience and BackgroundI am a financial advisor in Bradenton, FL, and began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals.As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that.Whether you're planning for retirement, saving for college for children or grandchildren, or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service.But we're not alone. Thousands of people and advanced technology support our office so that we can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals.I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program.I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Edward Jones - Chad Choate, AAMS
Long Term Care Insurance 828 3rd Ave. W., Bradenton, Florida, 34205Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.