Top estate planning and elder law attorney Michael Huguelet, founder of Law Office of Michael T. Huguelet, P.C. in Orland Park, IL, lists three things that ease financial and emotional pain while incapacitated. For more information please visit https://www.hugueletlaw.com
Orland Park, IL, United States - October 26, 2020 /MM-REB/ —
In a recent interview, leading estate planning attorney Michael T. Huguelet, founder of the Law Office of Michael T. Huguelet, P.C. in Orland Park, IL, revealed three things that ease both financial and emotional pain while incapacitated.
For more information please visit https://www.hugueletlaw.com
When asked for a comment, he said, “Many people often incorrectly assume that estate planning only addresses challenges after someone has passed away. While this is partially true, estate plans also address end-of-life issues that could be a threat to your estate, such as incapacity. Incapacity occurs when someone is unable to make decisions or communicate their wishes about either their healthcare or estate.”
Huguelet further added that incapacity could lead to someone else making both financial and healthcare decisions- and those decisions might not align with the incapacitated person's wishes.
One tool that can be utilized to help deal with incapacity is through designating an agent under powers of attorney.
When asked to elaborate, Huguelet commented, "A durable power of attorney enables you to assign someone, called an agent, as your legal or financial decision-maker in the case of incapacity. You can also get a healthcare power of attorney for medical decisions. It's very important that while setting up powers of attorneys you speak with your agent to clearly communicate your wishes and goals both financially and medically."
Another way to sidestep hardship during incapacity is through joint ownership.
"Simply put, joint ownership is adding another owner to specific accounts or assets. Once someone becomes a joint owner, they'll be able to make all the same decisions that you would be able to make. In other words, in the case of your incapacity, the person you assigned as a joint owner will take over those accounts," he said.
Huguelet was quick to add that joint ownership might carry with it certain tax and legal implications, which are important to understand before adding someone to an account.
Establishing a living trust is still another way to prepare for incapacity.
“You can set up a trust and retitle certain assets to be under the ownership of the trust. If you go this route, you also have the option of assigning a successor trustee who can make decisions regarding the trust assets if you are incapacitated. A successor trustee will wield a lot of authority over managing your trust assets, so it’s important that you appoint someone you trust to carry out your wishes,” he said.
“If you’re unsure whether or not your estate plan is robust enough to handle potential incapacity, then the best thing to do is to speak with an experienced estate planning attorney. They will be able to lay out all your options on the table so that you're as prepared as possible for the future," Huguelet added.
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Release ID: 88982310