Nobody plans to get into an automobile accident or to contract a terminal illness. These tragic events just happen.They happen indiscriminately to the young, the old, the rich and the poor. While these incidents can be terrible and life-changing, they don't have to catch us completely off guard. There are means of preparing for such occurrences so that if they happen, you can have the peace of mind knowing that your assets, health, and family will be taken care of according to your wishes.
A life plan is one of the best ways to comprehensively prepare for accidents or illnesses that could unexpectedly occur. If you are incapacitated or catastrophically ill, you need legal protection to honor your wishes for how you and your family will be cared for and how your decisions will be made for you. Only you have the right to make your decisions, therefore a life plan is the best way to legally prepare for possible accidents or illnesses.
A last will and testament is a legal declaration intended to name one or more persons to manage one's estate and provides a means of transferring one's property upon death. Whereas a life plan is a much more inclusive set of contracts that can include a will and testament but also expand to include a much more diverse array of contracts that will manage your finances and health, even in the case of incapacitation- a will is only effective upon death.
In instances off catastrophic illness, a will is not sufficient unless death is the result. However, there are periods where a patient may be unable to make their own decisions, such as instances of coma or traumatic brain injury, and a will would not provide the legality to have such decisions to be made. A life plan is designed to help in cases such as death or catastrophic illness, to ensure that an individual's wishes and decisions be made, as predetermined by them, in their own interest.
If you are interested in learning more about the options for you in cases of catastrophic illness and would like to learn more about drafting a life plan, please contact The Cochran Firm to meet with one of our many attorneys nationwide.
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