Estate planning is a personal obligation that many people avoid. Even those with dependent family members or a lack of family support may dislike the idea of thinking about what happens after they die.
They may leave themselves, their property and their dependents unnecessarily vulnerable due to their procrastination. People often point to the possible expense involved in estate planning as a reason to delay the process. However, estate planning does not have to be prohibitively costly or highly stressful. People who draft basic documents and then review them occasionally to make sure they are still accurate can protect themselves and their loved ones.
What documents are the most important basic inclusions in Texas estate plans?
A will
For many people, wills are the only estate document they ever draft. Wills can designate beneficiaries and personal representatives to oversee estate administration. They can also provide support for dependent children. Anyone with property or dependent family members could benefit from creating a will. Some people use trusts instead of or in addition to wills.
Powers of attorney
Estate plans can address emergencies, not just death. There are numerous scenarios in which an adult becomes incapable of managing their affairs. Medical and financial powers of attorney allow people to name individuals they trust to take care of their needs if they become incapacitated. Some people even draft durable powers of attorney that remain valid and enforceable even when the testator becomes permanently incapacitated and can no longer draft legally valid documents on their own behalf.
Advance directives
Simply providing authority to handle medical matters isn’t adequate in many cases. Most adults have specific preferences regarding the kind of care they receive in an emergency. Advance directives provide instructions to healthcare agents or medical professionals regarding the type of support an individual wants to receive. From preferences about life support and pain medication to decisions about anatomical gifts, advance directives can provide information about key determinations that can be very difficult for agents or family members to make without guidance.
Creating estate planning paperwork and then reviewing the documents every few years can protect people and their loved ones from difficult situations. Up-to-date estate plans provide both legal authority and clarity regarding the preferences of testators when they are vulnerable and after they die.