While you may not believe you need a will if you're young, healthy and single, all that can quickly change after just one serious car accident or the receipt of very negative lab reports following your annual physical.
No one is immune from disability. In fact, the Social Security Administration says that, “One in four of today's twenty-year-olds will become disabled before reaching age 67.” The government observes that, “While we spend a great deal of time working to succeed in our jobs and careers, few of us think about ensuring that we have a safety net to fall back on should we become disabled.”
If your estate plan isn’t changed properly after you become permanently disabled, you may encounter serious problems while trying to obtain all of the help you need. Here are some of the reasons why this often holds true.
Reasons to Redraft Your Estate Plan after Becoming Seriously Disabled
- You may need to file for and receive government disability benefits. In order to qualify for and receive these benefits for the rest your life, you’ll have to meet certain eligibility requirements regarding your current wealth and ongoing income. (Be sure to ask your lawyer about the difference between SSI and SSDI Social Security benefits.) Your Peachtree City estate planning attorney can also tell you how your estate and current income must be held in special types of accounts in hopes of remaining eligible for government benefits;
- You'll need a Medical Power Of Attorney, Guardianship and other legal paperwork drafted. These documents help you preserve your right to choose which routine or extraordinary medical interventions you're willing to accept once your medical condition worsens. Furthermore, since you may be unable to speak for yourself at all times, you’ll need someone who truly cares about you to step forward and make critical decisions about where you’ll maybe need to live in order to receive all of the care you need;
- You may need new and different types of health insurance policies. Although it can be hard to always qualify for long-term care insurance, it's always wise to apply for it– even after you become disabled;
- You may require help protecting all of your current business transactions. You'll need to ask your lawyer how you should try to transition out of your current job if you can no longer physically handle the majority of the physical tasks required by it.
These are just some of the many concerns that must be readily addressed after you become seriously disabled -- so you can maximize your access to all financial and other resources you may be entitled to receive.
To obtain help with satisfying all of your Georgia estate planning needs, please contact the Law Offices of Shane Smith today. You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.