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Investments > Estate Planning > Preparing for Incapacity

Preparing for Incapacity

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Preparing for incapacity is never something we want to think about.

Many people don’t plan for financial incapacity, either thinking “It won’t happen to me” or not wanting to face the fact that as we age, our health declines and situations change. It just takes one sudden injury or illness for a person to become incapacitated.

What is Financial Incapacity?

An incapacitated person is an adult who has been found to be incapable of receiving and evaluating information for themselves any longer without the assistance of a guardian or other assistance. An incapacitated person may, for example have a medical condition such as Alzheimer’s or dementia which may prohibit their ability to make reasoned decisions, care for themselves or handle other financial matters.

Why Should I Prepare For Financial Incapacity?

As we age, the likelihood of needing someone else capable of handling our affairs, whether they are financial or medical matters becomes much more important. Nobody wants to begin the process of preparing for incapacity, and Landmark Bank understands that.

The old adage is “It’s better to be safe than sorry.” You don’t plan on becoming an incapacitated person, but what if you were unable to make decisions for yourself regarding your financial and medical decision making? Preparing for incapacity is all about keeping the power you currently have down the road, just in case.

Preparing For Incapacity with Landmark Bank

There are many things that go into preparing for incapacity. The investment professionals at Landmark Bank are experienced in dealing with incapacity planning, and how to best prepare your family if you were unable to handle the bills or make investment decisions down the road.

Our Investment professions will help you:

Formalize Your Financial Planning

Landmark Bank’s investment team will work with you to outline your current financial situation, create goals for you and figure out how to achieve them. In the event you become an incapacitated person, having an updated financial roadmap will give whoever is in charge of managing your finances a better idea of how to manage them correctly according to your wishes. Our Investment team will also help you understand the important financial documents you need and how you need them organized in the event of financial incapacity.

Understand Power of Attorney & Create a Living Will

It is important to appoint a trusted individual to have power of attorney and make financial decisions on your behalf if you were to become incapacitated. Creating a living will allow your medical and financial wishes to continue to be granted even though you are incapacitated. Trust the professionals at Landmark Bank to work you through this process, and plan ahead for the “what if.”

Explore Trust Options

Consider transferring ownership of your assets to a living trust, naming yourself as trustee to retain complete control over your finances. In the event you become an incapacitated person, your designated successor trustee will take over management of your assets. Learn more about Landmark Bank’s Trust options today. Landmark Bank’s Investment team will work with your attorney to ensure you have the proper protections in place should you become incapacitated. Preparing for incapacity may not be the easiest thing to think about, but as you get older, realizing your options, including your legal rights and financial incapacity options such as opening a trust should be a definite consideration. Contact Landmark Bank today to learn more about preparing for incapacity and your options.

Investment products and services are not FDIC insured, not insured by any federal government agency, not a deposit or bank obligation, not financial institution guaranteed, subject to investment risk, including potential principal loss.
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