It is not unusual for individuals to consider their estate plan as a manner to express wishes for what should take place after their deaths. However, estate planning can also prove immensely useful for parties who are still alive. Because incapacitation and long-term care needs are a reality for numerous people, having plans in place to address those concerns may be beneficial.
Because the possibility exists that many Texas residents will be unable to make medical decisions for themselves at some point in their lives, creating an advanced health care directive or power of attorney may be in their best interests. This type of document allows for parties to appoint a trusted individual to make medical decisions in the event of incapacitation. Individuals may also want to ensure that their desired medical treatment is known so the agent can act accordingly.
A living will can help parties detail the type of care they would like to receive should they be near death. This document can instruct individuals as to whether they should take a person off of life support or carry out other treatment options. By having this information, family members may not have to make difficult decisions during a time of hardship.
Rather than simply thinking about how to distribute assets when it comes to estate planning, Texas residents may want to consider how these plans could help themselves. By knowing that their desires have been made known, they may feel more reassured as they enter their golden years. In order to create a plan that covers their needs, interested individuals may wish to work with experienced attorneys.
Source: Forbes, "The Biggest Estate Planning Mistake People Make", Brad Wiewel, Aug. 16, 2017