While it is not something most people like to think about, planning for what happens after your death or upon incapacity is important and can have a major impact on your family's ability to cope after a tragic event or the loss of a loved one. Determining who will make decisions in the event you are not able to is important also.
As mothers, fathers, spouses, and siblings, we often make sure our interests are protected through insurance policies, health insurance, and retirement programs. But why then do we put off drafting important estate planning documents, such as a Will, Power of Attorney or Medical Power of Attorney? Perhaps it is because these situations are the most emotionally difficult to imagine personally, or maybe we are just too caught up in day-to-day activities to plan for something that we hope will not happen until the distant future.
Regardless of why it is put on the back burner, planning for what happens after your death or in the event of incapacity is just as important as acquiring healthcare for your family or carrying insurance on your automobile and home. For the same reasons you work so hard to provide for your family, you must also make the needed arrangements for their care when you are no longer able to support them.
Texas Wills
A valid Texas Will determines what will happen to your estate and designates which of your family members and friends will be awarded your property upon your death.
Texas, like all states, has default rules (known as intestacy laws) that prescribe how your property will be distributed if you do not leave a Will. However, relying on these intestacy laws is rarely an advisable course of action for several reasons. To begin with, your wishes as to how, and to whom, your property will be distributed probably does not conform to Texas intestacy laws. Additionally, your heirs may be difficult to determine, which could result in a lengthy and expensive heirship proceeding. Furthermore, you often increase the expense of Probate and the cost of settling your affairs when you do not leave a Will to guide your loved ones.
A properly drafted Will, along with other estate planning documents, is the best insurance that your property will be disposed of in accordance with your wishes in the most efficient and effective manner. A Will allows you the opportunity to give someone a cherished family heirloom or the ability to pass down some added security to the ones you care about most. Leaving a Will can also help relieve your loved ones from some stress in the difficult time after your passing by providing them with a roadmap in dispersing your property and settling your affairs. The minimal cost associated with having a Texas attorney draft a Will can save thousands of dollars for surviving family members later.
A Will provides assistance for your survivors after you are gone. But what about assistance for you if something should happen that leaves you unable to handle affairs for a period of time, or even permanently? Many people need help with their affairs after an auto accident, illness, or injury; even if only on a temporary basis. Proper planning for unforeseen circumstances that can arise during your lifetime is also important for the protection of both you and your loved ones. A carefully written Power of Attorney allows you to designate a person of your choosing to assist you in the event that you need help on a temporary basis or in the event of long term incapacity.
Texas Power of Attorney
A Texas Durable Power of Attorney is a document that allows you to assign authorization to another person to act or make decisions on your behalf in business, banking, real estate, tax, and other legal matters until such time the you revoke the authorization or die. The Durable Power of Attorney is often utilized after someone is severely injured, loses mental capacity due to trauma or dementia, a loss of sight, and when someone begins to not be able to handle their daily affairs on their own. Most people designate a spouse, son, daughter, or very close friend to have Power of Attorney to manage their affairs in the event of temporary or permanent incapacity. This designee will be able to assist you with the everyday activities that you now take for granted such as banking, writing checks, dealing with creditors, or managing other affairs. It is important to remember that the designation must be in place prior to the event that leads to incapacity.
Medical Power of Attorney in Texas
A Medical Power of Attorney is similar to the Durable Power of Attorney, but instead gives a person you designate the authorization to make health decisions for the you, such as course of treatment or whether to use hospice care in the event you are unable to communicate your wishes. Within a Medical Power of Attorney, you may choose to outline specific restrictions of power that are afforded to your designee. This document is an indispensable tool for your family when you undergo a surgical procedure or enter the hospital, whether planned or in an emergency.
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