As an estate planning attorney in Crossville, Tennessee, I often see the results of when someone fails to plan for an unexpected disability. People tend to think about estate plans in terms of retirement and what happens to their assets after they die, but many don't consider the possibility of disability.
A disability can drain your family emotionally and financially. When you plan ahead, you can help prevent some of the fallout.
I often point clients toward disability insurance, which can be beneficial in the alleviation of financial burdens.
I recommend you work with an attorney who can discuss the different types of policies and what works best for you. Some issues that you'll want to consider include medical costs, loss of income, monthly expenses, caregiver's expenses, modifications to your home, and transportation.
Beyond financial issues, you'll also want to create a medical power of attorney. This document gives whoever you choose the power to make medical decisions for you should you be otherwise unable.
To further assist your medical power of attorney, you should create a living will. In your living will, you write your wishes with regard to medical interventions and end-of-life choices. This way your loved ones have an idea of what you want, even if they're in shock.
It is also a good idea to have a personal care plan, which details your preferences for how you would like to be cared for should you end up needing the assistance of another person with the activities of daily living.
An estate planning lawyer will do their best to help you prepare for many situations... but in general, planning for unexpected disability is a thoughtful and smart investment. Interested in more information on planning for disability, or ready to get started? Call our office in Crossville, Tennessee at 931-250-8585 and schedule a consultation.