The process of building a proper estate plan involves gathering loads of information, providing clear and concise directives and ensuring that all of your assets go to the beneficiaries of your choice. While it’s possible that some parts of an estate plan don’t apply to your particular needs, there are some must-haves in every good estate plan. Residents of Texas should make sure they have the following items in their estate plan.
Durable power of attorney
A durable power of attorney ensures that you name someone you trust to act on your behalf if you are not able to make financial decisions. If you do not have a durable power of attorney named in writing, the court may name someone to make decisions about your estate if you become incapacitated or are not mentally capable of making your own decisions. Durable power of attorney forms allow you to put someone in charge of your finances and assets if you are not capable of doing so yourself.
Health care power of attorney
Much like a durable power of attorney, a health care power of attorney allows you to name a trusted friend or family member to make decisions regarding your health care if you become incapacitated. The person you name as your health care power of attorney should be someone you trust to make potentially life-altering decisions about the care you receive in a medical facility.
If you have any minor children, one of the most important steps you can take in your estate plan involves providing for their care. Choosing a friend or family member you trust to care for your children in the event of your death or incapacitation is one of the most crucial aspects of any estate plan.
Estate planning is a legal process that involves having paperwork filed with your local courts. To ensure that your estate plan meets state laws, you should employ the services of an attorney who is familiar with the process of your state.