Planning for Incapacity: Powers of Attorney and Living Trusts in Retirement
As we enter our golden years, retirement often signals a shift in priorities—less focus on work and more on enjoying personal time and accumulated savings. However, another critical element of retirement planning often gets overlooked: preparing for potential incapacity. The possibility of being unable to manage your financial or medical affairs due to illness, injury, or cognitive decline is a reality many choose to avoid addressing. Although this is understandable, leaving these decisions unplanned can result in significant financial, legal, and emotional challenges for loved ones. Two essential legal tools that help address this issue are Powers of Attorney (POA) and Living Trusts. Both can help provide direction on managing your affairs if you become unable to make decisions for yourself.