Services
03. Estate Planning
Last Will and Testament
Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your car, home, other real estate, checkings and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die. One of the simplest types of estate planning strategies is to draft a last will and testament. A will is an important estate planning document that determines how your property will be distributed after your death. It helps state your final wishes so that your loved ones know your desires concerning your property and other matters. Creating a last will and testament is wise for anyone, no matter how young or healthy you are. Life is unpredictable, and it is always wise to be prepared, especially when such preparation can benefit the people you love.
Powers of Attorney & Living Wills
Although many people have heard the term “power of attorney,” most do not fully understand what it means. A power of attorney allows someone to designate another person to make either medical or financial decisions for them in the event that they are not capable of making those decisions themselves. While a power of attorney can still be effective if someone is unconscious or incapacitated, it ceases to be effective as soon as they die.
The Texas Legislature has created two different types of powers of attorney: 1) Medical Power of Attorney, and 2) Statutory Durable Power of Attorney. The forms for both of these documents are created by the Legislature, but they must be understood and executed correctly to be effective. The biggest reason for creating powers of attorney is to avoid the necessity for a court-ordered guardianship in the event that you suddenly become incapacitated. Guardianships can be difficult, time consuming, and costly for all who are involved. By creating powers of attorney, you are designating someone to make medical and financial decisions for you when you are not capable of making those decisions. Because you have granted this right to those designated in the Powers, you can avoid the necessity for the guardianship.
In the wake of the Terry Schiavo controversy, the public at large has become very aware of the necessity for considering a Living Will. Also known as a Directive to Physicians, the Living Will is a document used to provide instructions directly to a doctor regarding a patient’s desires for being placed on life-support if that person ends up in either 1) a terminal condition or 2) an irreversible condition. A living will, like all aspects of health care, is of great importance to you and your family members. It helps to ensure you not only receive the care you want, but that loved ones experience the least possible amount of stress during an already difficult time. To learn how to create an advance care directive that’s right for you, contact our firm today.
