Planning Ahead for Your Disability

When it comes to planning your future, there are many factors that you do not want to take lightly, and this includes your disability plan. What is this exactly? Your disability plan in essence is how you will give guardianship or conservatorship to another person when you are mentally unable to make decisions for yourself. There are two integral aspects of your future disability plans: first, who you will choose to care for your personal being; second, who you want to be responsible for your financial matters.

In the event you fail in planning ahead for your disability season of life, there are going to be many consequences. So before we discuss the benefits of planning and what it entails, it is important you realize the magnitude if you don't plan ahead. Depending on your state of residence will play a large role in how your property will be dealt with when you are disabled, and in some state these laws can nip you in the bud if you are not prepared. For an example, in the state of California where Britney Spears lived, her own flesh and blood parents used these conservatorship laws (because she did not have a disability plan) against her to commit her to a mental treatment center involuntarily and deem themselves responsible for her finances in the meantime. While you nor I may have as much money as Britney, the effects are the same, if we don't plan ahead, people who you may not want in charge of your finances and your future may seek to take control.

Understanding guardianship (also known as conservatorship) is essentially the way in which a person deals with their mental disability plan through the court. The reason you want to make sure that these are assigned well before you become no longer mentally able to make a decision, is because it is much better to know that your loved ones will be caring for your wellbeing and finances or property rather than the state laws. These laws will then decide not only who has control over your property and assets, but also how they are used, sold, spent, or invested. For example, perhaps it is you deepest desire to support a non-profit organization with some of your assets when you die, if you fail to plan for disability and is no longer mentally capable of dividing your estate plan, then that organization may never reap the benefits of your generous giving.

Perhaps you decide that you do not want to have a conservator listed in your plans you will then need an advanced medical directive and a financial power of attorney. The medical directive is essentially how you will make someone responsible for your personal decisions in regards to treatments and when to pull the plug when your illness becomes too severe, etc. Maybe you end up on life support after a car accident, this will give that person the authority to take you off of life support if that is your wish.

Next, your financial power of attorney is who you will assign to be in control of your money and assets. By choosing the Durable Power of Attorney, this will give them the authority to have access to your assets in the event that you are deemed as being mentally unable to make decisions. To learn more about the many ways to plan ahead in life and protect your assets and estate, contact a probate attorney in your area today to discuss your situation. Don't take planning for the future lightly, because you never know when an accident may happen.