There are many options for creating an estate plan. However, some people may feel overwhelmed by the many choices and not know whether they need to utilize them. Because each Texas resident’s plan is different, the exact documents needed will differ. However, certain estate planning tools can benefit most everyone.
First, individuals may want to consider their wills. A last will and testament can include ways in which individuals want their property distributed, who they want to be their executor and who they want to care for their children if they are still minors. As a result, a will is a good place to start the planning process. However, individuals may want to include another type of will: a living will. This document is an advanced health directive that can give instructions on how to handle end-of-life care, particularly if a person is unable to express those wishes due to incapacitation.
In addition to wills, individuals may also want to consider their power of attorney. A power of attorney document allows for an appointed person to act on behalf of another individual. For example, a health care power of attorney would allow a person to appoint an agent who will make medical-related decisions should the person be unable to make those decisions for him or herself.
Once the estate planning process gets underway, individuals may find that they have use for other planning tools as well. Fortunately, creating a comprehensive plan does not have to be an intimidating task. Interested Texas residents can work with experienced attorneys can who help put together a beneficial plan.