How is your health linked with estate planning? Your health plays a significant role in shaping your preparations for the future in general, and how you structure your estate plan in particular.
Longevity and Retirement Savings. Your physical health can have a direct impact on your lifespan, which in turn affects how long your retirement savings need to last. Often, good physical health is associated with longer lifespans which require a more extensive plan.
Healthcare Decisions. Consider the potential need for long-term care. Alzheimer’s or dementia could lead to long-term care issues that you may or may not choose. Your estate plan can help to financially prepare for these possibilities, protect what you own, and allow you to state clearly how you want to be cared for, if you cannot make decisions for yourself. Now is the time to document these things and prepare for the future while you’re still well.
Healthcare proxies and powers of attorney are crucial documents designating people you choose to make medical and financial decisions on your behalf if you’re unable to. Without these documents a judge decides who will act on your behalf. A total stranger could end up the one making medical and financial decisions for you, which could also drain your estate.
Disability and Its Impact. Poor health can sometimes lead to disability, affecting your ability to manage your own affairs. Including disability provisions in your estate plan ensures that your assets are managed according to your wishes, even if you’re not able to oversee them personally. A trust planning can be particularly useful here, as it allows your chosen person to manage your affairs without the need for court intervention. Again, without a plan in place, a judge will make decisions for you, and those decisions may not be what you want.
Consult a professional who has your best interests in mind, not someone who only focuses on after death documents. Estate Planning is also about what happens while you’re still living. Learn the best way to protect yourself and your family while you’re still living and after you’re gone, and keep everyone out of court and conflict.
Monet Binder, Esq., has her practice in Queens, dedicated to protecting families, their legacies, and values. All halachic documents are approved by the Bais Havaad Halacha Center in Lakewood, under the direction of Rabbi Dovid Grossman and the guidance of Harav Shmuel Kaminetsky, shlita, as well as other leading halachic authorities. To learn more about how a power of attorney can help you, you can send her an email at This email address is being protected from spambots. You need JavaScript enabled to view it. or call 718-514-7575.
