Estate Planning
If you don't have an estate plan, Texas has one for you, but you probably won't like it.
Disability: If your name is on the title of your assets and you can’t conduct business due to mental or physical incapacity, only a court appointed agent can sign for you. The court will then control how your assets are used to care for you through a guardianship. It can become expensive, time consuming, and can be difficult to end if you recover.
Death: If you die without an estate plan, your assets will be distributed according to the Texas probate laws. If you are married and have children, your spouse and children will each receive a share. That means your spouse could receive only a fraction of your estate, which may not be enough to live on. If you have minor children, the court will control their inheritance. If both parents die, the court will appoint a guardian without knowing whom you would have chosen.
Planning for Death
Wills
Drafting a will is a relatively simple process. Many people are concerned that they will need to include a fully itemized list of their possessions and financial assets. This is not true – you do not need an itemized list of all of your financial assets as these things change many times over the course of your life. Your will can be as general or detailed as you’d like.
A Will is a written document that is designed to transfer your assets according to your wishes. It typically names someone you select to be your Executor, who is the person you designate to carry out your instructions. If you have minor children, then you should also name a Guardian for them. A Will becomes effective upon your death after it is admitted to a probate court.
Drafting a will is a relatively simple process. Many people are concerned that they will need to include a fully itemized list of their possessions and financial assets. This is not true – you do not need an itemized list of all of your financial assets as these things change many times over the course of your life. Your will can be as general or detailed as you’d like.
A Will is a written document that is designed to transfer your assets according to your wishes. It typically names someone you select to be your Executor, who is the person you designate to carry out your instructions. If you have minor children, then you should also name a Guardian for them. A Will becomes effective upon your death after it is admitted to a probate court.
Planning for Incapacity
Medical Power of Attorney
This document allows you to formally name a person who will act on your behalf, should you become incapacitated, to make medical decisions. It provides you the opportunity to have important conversations while you are able, conveying your wishes for care in certain situations, confident that your power of attorney will carry out these wishes.
The medical power of attorney only has decision-making authority if you become incapacitated and cannot speak on your own behalf, and decision-making authority expires after you pass. It is an important directive to have if you are single or do not have family members. It also serves a valuable purpose if you do not want family members to make these types of decisions for you, allowing you to name someone who would not be granted authority by health and safety codes.
This is also an important directive for college-aged children to have, as parents would have no say in medical emergencies since the child would be over 18.
This document allows you to formally name a person who will act on your behalf, should you become incapacitated, to make medical decisions. It provides you the opportunity to have important conversations while you are able, conveying your wishes for care in certain situations, confident that your power of attorney will carry out these wishes.
The medical power of attorney only has decision-making authority if you become incapacitated and cannot speak on your own behalf, and decision-making authority expires after you pass. It is an important directive to have if you are single or do not have family members. It also serves a valuable purpose if you do not want family members to make these types of decisions for you, allowing you to name someone who would not be granted authority by health and safety codes.
This is also an important directive for college-aged children to have, as parents would have no say in medical emergencies since the child would be over 18.
Durable Power of Attorney
A durable power of attorney is a written document that empowers another individual to carry on your financial affairs in the event you become disabled or incapacitated. By signing a durable power of attorney, you authorize another person to engage in specified business, financial and legal transactions on your behalf. It is called “durable” because it does not terminate if you become disabled or incapacitated. It can take effect at the time it is executed, can “spring” into effect when you become disabled or incapacitated, or when another specified event occurs.
It is important that you select someone you trust implicitly to act in your best interest since whomever you select will have broad authority.
A durable power of attorney is a written document that empowers another individual to carry on your financial affairs in the event you become disabled or incapacitated. By signing a durable power of attorney, you authorize another person to engage in specified business, financial and legal transactions on your behalf. It is called “durable” because it does not terminate if you become disabled or incapacitated. It can take effect at the time it is executed, can “spring” into effect when you become disabled or incapacitated, or when another specified event occurs.
It is important that you select someone you trust implicitly to act in your best interest since whomever you select will have broad authority.
Living Will or Directive to Physicians
A living will, or directive to physicians, is a written document that allows you to instruct your physicians not to use artificial methods to extend your life in the event you are diagnosed with a terminal or irreversible condition. It also informs others of your preferred medical treatment should you become permanently unconscious, terminally ill, or otherwise unable to make or communicate decisions regarding treatment.
A living will, or directive to physicians, is a written document that allows you to instruct your physicians not to use artificial methods to extend your life in the event you are diagnosed with a terminal or irreversible condition. It also informs others of your preferred medical treatment should you become permanently unconscious, terminally ill, or otherwise unable to make or communicate decisions regarding treatment.
HIPAA Authorization
A HIPAA authorization form allows the release of medical information to your agents, successor trustees, family or any other individuals you wish to designate.
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