You have to be prepared for the possibility of incapacity if you want to plan ahead for the future in a comprehensive manner. This falls into the category of those instances when you hope for the best but make sure that you are ready for any challenges that may present themselves.
There are those who don’t take incapacity planning seriously because they are under the impression that it is very unlikely that they will ever become unable to make their own decisions. But when you put the matter under a microscope you find that this is simply not the case.
The segment of the population that is at least 85 years old is growing faster than any other, and the average lifespan is 78 years but of course the longer you live the higher this average lifespan is going to be.
According to the Alzheimer’s Association, approximately 40% of people who are 85 years of age and over have contracted the disease. So it is becoming increasingly likely that you will live into your mid 80s and beyond and four out of every 10 individuals is a pretty significant ratio. Plus, Alzheimer’s is by no means the only cause of incapacity among our nation’s elders.
If you visit a good South Carolina estate planning attorney he or she will be able to assist you as you add an incapacity component to your comprehensive plan for aging. This can include durable powers of attorney and perhaps a disability trustee if you are using a revocable living trust to transfer assets. Having representatives of your own choosing in place is key, and taking action to protect yourself with the benefit of professional assistance is a relatively simple and prudent step.
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