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The Top 7 Mistakes in Estate Planning: #2 Not Planning for a Disability

Mistake No. 2:  Not planning for a disability  

Disability is more likely than death in any given year. Do you know what will happen to your family, health and financial decisions if you were to become disabled?  Who would pay your bills, access your bank accounts and make any needed decisions for your retirement plans?

If you have not planned adequately, your family may need to apply for a court conservatorship or guardianship to be able to effectively care for you and your assets.  The guardian may not be the person you would choose.  The most effective way to avoid these unnecessary complications is to plan ahead with a trust and other disability documents that are current and meet privacy standards under HIPPA.  A durable power of attorney alone will not be enough, as these documents are often rejected by institutions if they were signed more than one year ago or not on their proprietary forms.