Michigan Trust Lawyer: Is Disability Planning Right for You?

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Disability planning is a Plan B for when an individual becomes physically or psychologically unable to handle his or her own financial affairs.  A disability plan would go into effect once you’re medically incapacitated and would cease once you’re able to resume handling your own affairs. Thus, a disability plan could go into effect permanently or end upon your return to health. An Michigan trust lawyer can help you create a disability plan, which may be right for you if any of the following are true:


You’re in the early stages of or have a family history of debilitating illness.


No one wants to think of themselves as being unable to handle their own affairs as they’ve been doing. However, for those with a debilitating illness, it may be best to create an estate plan before one becomes too ill. For example, a person who may need to undergo a series of treatments and surgeries for cancer may choose to have a Living Trust and Power of Attorney created so that their loved ones can continue to pay their bills and manage their affairs while they recover.  The patient may also create a Healthcare Directive (also known as a Medical Power of Attorney) to make sure his or her wishes are clearly spelled out in the event the patient is unresponsive or otherwise can’t communicate.


You run a sole proprietorship or manage investments.


Running a business is a lot of work, whether it’s running a shop or managing rental properties. A sole proprietorship could come to a screeching halt in the event that the principle is incapacitated unless someone is legally authorized to act in their place. Making sure the right person is in this role is key, and it’s something your Michigan trust lawyer will help you meticulously take care of so that there are minimal disruptions should you need to take a temporary or permanent leave from your company.  


You have specific people you want to handle your affairs or specific relatives you’d like to keep from handling your affairs.


Ideally, all family members would live in peace and harmony, but that’s rarely the case all the time. Someone may have specific relatives they would prefer to have handle their affairs in the event that they’re incapacitated as well as relatives they would rather keep out of their private matters. The good news is that a properly executed disability plan activates as soon as it’s needed, allowing no legal gray areas for certain individuals to take advantage of your incapacitated state.


You have many potential heirs or want to avoid conflict among heirs.


Parents don’t want their children to fight with each other or with the parents’ spouse. While there are specific laws governing marital property, a parent may choose to put an adult child in charge of their affairs if the spouse can’t or shouldn’t handle them. Having a known disability plan now may hasten the conflict, but it won’t come as any surprise, and you may have an opportunity to explain your reasons before you become disabled.


If you think a disability plan is right for you, our attorneys can help you create documents that ensure that your wishes are honored, no matter what happens. Contact us at 844.885.4200 to schedule an appointment with a Michigan trust lawyer.


About Castle Wealth Group

Contact Castle Wealth Group for all your estate planning needs. We build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.


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