Estate planning can be a difficult process, as we’ve discussed in previous articles.
While most people create their will and all contingencies for when they inevitably pass away, oftentimes people rush through the process without failing to take the possibility of what should happen in the event that they become incapacitated.
Even if you find yourself in a situation where you are unable to work for even a short period of time, the very real possibility of incapacitation and what you will do to support your family during this time is something to be taken very seriously. Almost as seriously as what will need to be in place for the time when you are no longer with them.
Estate planning should include incapacitation
Many people find themselves naturally concerned about what will become of their estates following their departure, but few people consider their wills regarding the off-chance that they may find themselves in a situation where they can no longer work and provide for their families.
This may include a long-term incapacitation that requires significant medical care, or even just a short-term disability as the result of illness or injury.
In many cases, your employer may offer worker’s compensation as a component of your employee benefits, and some countries offer disability assistance. Unfortunately, these programs and policies will more often than not fail to cover all your needs, let alone your family’s.
Insurance, trusts, powers of attorney
Even if you don’t qualify for employer benefits or state-run assistance, there are a multitude of solutions you can put into play in the unfortunate event that you should find yourself unable to work.
Disability insurance is offered in some form by most major insurance companies. These insurance policies range from short-term policies that are designed to assist you until you are able to work again, all the way up to long-term policies that will pay out at a certain point and continue to do so until you reach retirement.
A living trust that covers certain assets is another option you may want to consider. This trust can be executed while you are still alive and depends on your own specified circumstances, one of which may include incapacitation.
A durable power of attorney or a health care directive are two options that you can consider to make sure your wishes are followed.
With a health care directive, medical personnel in the healthcare system will be made aware of your preferred mode of treatment in the unfortunate event that you are unable to communicate on your own.
Would you be willing to undergo any procedure in order to save your life? If your heart fails, do you want to be resuscitated? These are the questions one needs to ask themselves when considering health care directives.
The other option- durable power of attorney- puts the trust of your affairs into the hands of a trusted third party and grants them the right to act on behalf of the best interest of you and your family in the event you find yourself incapacitated.
Better safe than sorry may be cliché, but it’s true
An entire squad of professionals is unnecessary when working out all the contingencies of planning out your estate.
Simply meeting with a trusted financial consultant like Richard Meyer Cayne of Meyer International is an important first step towards ensuring that your loved ones will be taken care of when the time finally comes.
Richard Meyer Cayne
Richard Meyer Cayne of Asia Wealth Group Holdings, the Meyer Group, Meyer Asset Management and Meyer International Ltd has been involved in wealth management planning for decades. Originally born in Montreal Quebec, Canada, he later relocated to Tokyo, Japan for over 15 years and now resides in Bangkok, Thailand. While he runs the Meyer Group and serves as the high credibility CEO of Asia Wealth Group Holdings Ltd, a London, UK Stock Exchange-listed Financial Holdings Company, as well as the Managing Director of the Meyer Group of Companies www.meyerjapan.com. and has additionally been the managing director of multiple organizations that specialize in helping high net worth individuals with succession planning .
Having worked with clients all over the globe with everything from portfolios to bonds to mutual funds to offshore investing to investing in retirement for your golden years, Richard Cayne of Meyer International can help you invest the right way and protect your cash. Richard has been a financial advisor involved in wealth management planning solutions and asset management in Asia for over 25 years and while living in Tokyo, Japan, he assisted many high net-worth Japanese families create innovative international tax and wealth management planning solutions. The financial holding public company of which he is CEO can be seen at Asia Wealth Group Holdings Ltd or the stock exchange link:
https://www.aquis.eu/aquis-stock-exchange/member?securityidaqse=AWLP
Asia Wealth Group Holdings Ltd – Richard Cayne Thailand. Meyer Asset Management Ltd has been in the wealth management space since March 2000 and uses fundamental analysis along with modern portfolio theory.
His image worldwide as a professional advisor has been sterling and he maintains a firm command and understanding of all things finance-related.
