Whoever said, “Life at you fast” wasn’t joking. Our lives can be changed in the blink of an eye by an accident or other unpleasant surprise. However odd it may seem, it is possible to prepare for an unexpected emergency. In some cases, that means have a good estate plan in place before the emergency.
Sometimes a loved one may need sudden medical attention.
A complete estate plan typically includes an advance directive for health care. This document may include a durable power of attorney and a living Will. If you suddenly become ill and unable to communicate with your doctors, your advance directive will be a big help to your family and your healthcare providers. Your power of attorney has named an agent to communicate for you. A living will states your preferences for end-of-life treatment.
Emergencies can involve incapacity or disability.
If you are disabled due to a medical emergency, your advance directive helps with medical decisions. However, financial matters must be attended to also. This is where your general durable power of attorney makes a difference. The agent you named in your durable power of attorney can step in and take over your financial affairs if you are no longer able to do so.
You may also have set up a revocable living trust, naming yourself as trustee. In the event of your incapacity, the successor trustee can take over management of the trust.
In addition, you may have engaged in other incapacity planning that may help you qualify for government benefits like Medicaid.
One worst case scenario may include moving a beloved family member to a nursing facility.
Speaking of Medicaid, you or a loved one may need Medicaid to pay for long-term care costs. It’s important to start your Medicaid planning early because Medicaid will review your finances for the five years prior to applying for benefits. Some transactions made during that time frame could reduce or eliminate your eligibility.
Certain trusts can help you with long-term care planning. However, you will need to speak with an attorney to make sure your trust is established correctly.
An unexpected emergency may even lead to death.
Finally, death is often unexpected. Your valid Alabama Will or revocable living trust affect how your property will be passed to your heirs. Leaving these documents behind for your family helps them at a truly stressful time.
Estate planning can help when an unexpected emergency arises
Your estate plan can’t help, though, if it is out of date or you haven’t even prepared it yet. Schedule a consultation with one of the attorneys at Miller Estate and Elder Law. Our phone number is 256-472-1900. Miller Estate and Elder Law is now located at 818 Leighton Avenue in Anniston, but we serve clients in communities like Hoover, Vestavia Hills, Irondale, and Calera.
Check out our website for information about free workshops and guides.
