Wills
A Will is one of the most important documents you will ever sign. It gives a person the opportunity to state to whom you wish to leave your property when you die. If you fail to execute a Will, your property will be distributed according to Texas intestacy laws. In many cases, unless the deceased person has executed a proper Will, the surviving spouse will only inherit a portion of the deceased person’s estate.
Aside from the fact that a Will gives a person authority to state who will be the beneficiaries of their Estate, one of the most important features of a Will is that it gives a parent the ability to specify who will be appointed as guardian of their child or children. If a beneficiary is a minor or an incapacitated person, the Will may need to contain a trust to avoid an expensive guardianship procedure should that minor or incapacitated person be an heir. A Will also gives a person the ability to be creative with their bequests, which includes the ability to make percentage or fractional bequests, bequests to non-relatives, and bequests to charities.
Trusts
A living trust can be used as an alternative to a Will. In most cases, they are more expensive and complex than a simple Will. Since probate administration is relatively cheap in Texas, most of the time a simple Will is sufficient. However, there are situations where a living trust is appropriate. You should speak with an attorney to ascertain which choice would be more advantageous for you.
Powers of Attorney
In the event you become incapacitated or disabled, it is important to have the following documents in place: Statutory Durable Power of Attorney (or “financial power of attorney”): Allows you to name a designated agent to handle your financial affairs in the event of later incapacity or disability.
- Medical Power of Attorney: Allows you to name a health care agent to make medical decisions should you become incapacitated.
- Directive to Physicians (or “living will”): Give you the authority to state whether or not you wish to receive life-sustaining treatment in the event of a terminal and/or irreversible medical condition.
- HIPAA Privacy Authorization form: Allows you to authorize physicians, nurses, hospitals, and other health care providers to fully disclose Identifiable Health Information to the individuals designated on the form.
- Declaration of Guardian: Allows you to name a guardian in the event that a guardianship procedure is necessary.
