It's common for adults to put off planning for what they will do when they become incapacitated. However, it's important to have a plan for what you will do before it is too late. Once you have become incapacitated, you will not be able to make decisions for yourself and your assets might also be placed at risk.

Making Important Legal Decisions Before You Are Incapacitated

When trying to figure out what will be done when you are incapacitated, you will always want to consult with an attorney. This is because there are forms that you are expected to fill out and requirements you are expected to meet to be able to determine what will happen when you become incapacitated and what will happen to your assets. 

To control what happens to you when you have become incapacitated, you'll need assistance from a lawyer to appoint someone with a healthcare power of attorney. Whoever you appoint will be able to give consent on your behalf. Therefore, it's important to choose someone who you trust. Then, it's time to speak with an attorney about how you can protect your assets while you're incapacitated.

Asset Protection Plans

Every situation is unique, and you will need to have an asset protection plan crafted that is well-suited for your unique situation. For example, an asset protection attorney can protect your assets when you are being sued by creditors. 

Speaking with an Attorney

Your asset protection attorney does not make any decisions for you. Instead, they go over each of the options you have available that can allow you to protect your assets and then explain how you can go about initiating these legal processes. 

Realistic Options When Protecting Your Assets

There are no asset protection strategies that will protect you from lawsuits 100% of the time. However, these methods are often put in place to make it more difficult for a predatory creditor to sue you.

Creditors typically only pursue assets that they believe they can easily collect from. For example, if you pursue offshore options for storing your assets, this can make collections more difficult for your creditors.

Even if those managing your assets will be forced to accept a settlement while you are incapacitated, the settlement is more likely to be in your favor because the settlement will be for a much smaller amount than what you owed because the creditors will also save money and time by avoiding an expensive lawsuit.

Contact an asset protection attorney for more information.