HOUSTON LAWYERS DIRECT

Estate planning is a necessary and important part of your life. Just as you have spent most of your life building assets and planning for the future, you should also ensure you are planning for what will happen when the time comes you are no longer able to handle your own affairs. A Houston estate planning attorney will be able to assist you in preparing for the future and helping you understand the need for certain documents.

A properly planned estate package will include the following documents:

Living Will

A living will (often confused with a Living trust, see below) is a legal document that serves to inform your doctors, health care providers and your family regarding your wishes for medical treatment in the event you become incapacitated or are not able to speak for yourself. You may wish to have DNR (do not resuscitate) order or disconnection of life support in the event you fall into a persistent vegetative state. A living will spells out your desires concerning end of life medical treatments you want or do not want.

Living Trust

(Often confused with a living will) A living trust, is a legal document set up by you where certain assets are held and distributed to yourself (while you are still alive) and your heirs (after death) in a manner to avoid probate and subsequently avoid excess taxes and fees associated with probate.

Power of Attorney

There are three main distinctions of Power of Attorney. Your Houston estate planning attorney will have you execute at the minimum a medical power of attorney. If an additional power of attorney is necessary in the future, you should advise your attorney as soon as possible. All Powers-of-Attorney are revocable by you at any time (except of course if you are mentally incapacitated, at which time court intervention may become necessary to remove your power of attorney designee).

• Limited power of attorney- Usually used in a situation where you are temporarily unavailable to handle your affairs because you may be out of the country, under a doctors care or otherwise require someone to handle your affairs for only a limited time and only limited powers.

• Durable power of attorney -Usually used in the case where a person is mentally or physically incapacitated and therefore unable to make day to day decisions in financial, medical or other affairs.

• Medical power of attorney- Generally gives another person the power to make only medical decision on your behalf if you should become incapacitated

Last Will and Testament

This is another very important document your Houston estate planning attorney will assist you in preparing.

A will is your final say in what happens to your assets, who receives what and the final disposition of your property, It also allows your heirs to collect debts that were owed to you at the time of your death. A will also can serve to protect the interests of your children or grandchildren from a previous marriage, and can name a guardian if you have minor children. Having a will is vital to your entire estate plan, your Houston estate planning attorney will help you formulate and draw up a will along with your other estate plan documents.

The final and most important step in planning a solid estate is to periodically review all the documents in your plan especially if any life changing events should occur, such as marriage, divorce, the birth of a child, or adoption. Other events such as changes in tax laws, changes in your financial situation or the death of an heir mentioned in your will may necessitate an update. You may also want to change the distribution of your assets from time to time. A periodic review with your Houston estate planning attorney will keep all your estate plan documents current with your wishes.

Related posts:

1. Houston Wills and Estate Planning Segment
2. Wills and Trusts
3. Houston Estate Planning: When Should I Begin Planning My Estate?
4. Houston Estate Planning: What Documents are Needed?
5. Houston Estate Planning: What Is a Durable Power of Attorney?

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Tags: estate planning, living trusts, power of attorney, probate, trusts, wills

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  cynthia145 1 year ago 1 point

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