Plan for Incapacity|
In many cases, this is more important than the wills -- the wills provide for others. But how about planning for others to take care of you?
Powers of Attorney
These let somebody act for you when you're unable to. A health care power of attorney lets someone make medical decisions for you. A property power of attorney lets someone handle your finances when you're unable to. It doesn't do any good to have accumulated a lot of savings -- and be unable to write the checks and nobody else can do it for you.
These have been oversold for avoiding probate -- probate in Illinois today is not the horror of decades ago -- but they are useful tools for incapacity management.
We don't sell insurance -- but we consider it important in many areas amd can refer you. In planning for incapacity, disability insurance is essential for the working person, whose paycheck or business may stop. Given the rising costs of nursing home care, and the increasing likelihood of a stay there, we urge persons to get long term care insurance. If you're young, don't dismiss it as something to get later -- you may not be insurable later, and your premiums if you start young can be very low.