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Estate Planning and Incapacitating Chronic Illness in California

If everyone understands that estate planning is necessary, then it seems strange that very few actually do something about it. According to a NAECP Education Foundation news release, "it is estimated that 120 million Americans do not have up-to-date estate plans to protect themselves and their families in the event of sickness, accidents or untimely death." Other surveys came to roughly the same conclusion, which has raised concerns because of the increased incidence of incapacitating illnesses like Alzheimer's disease, Parkinson's disease, COPD, and multiple sclerosis.

In 2007, lawmakers of the US House of Representatives instituted a National Estate Planning Awareness Week, organized this year from October 17th to 23rd. Free webinars and conferences were organized by practitioners across the country to make the general population more conscious of the great importance of planning the transfer of their assets. Such planning includes:

• The designation of a person to handle financial issues
• The designation of someone to make health care decisions and have access to medical records
• A living will to establish health care wishes
• The creation of a will to handle the transfer of the estate
• The appointment of someone to manage assets during a period of illness or disability and to update the will when necessary

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