PLANNING
Most people do not want to think about the day they are no longer able to make decisions for themselves. They don’t plan for the inevitable.
Unfortunately, that often means that loved ones are left struggling with difficult decisions about important matters, such as whether or not Mom would like to be kept alive using a ventilator, or who should be in charge of managing Dad's financial affairs, because Mom or Dad never made clear what they wanted for themselves.
A Last Will and Testament allows you to decide how your possessions will be distributed after your death. In Texas, if you do not have a Last Will and Testament, state law will decide who inherits your estate and how your possessions and things are distributed.
A Last Will and Testament will:
- allow you to decide who inherits your possessions and property;
- allow you to select the person who oversees your estate after your death;
- allow you to develop a plan to reduce tax consequences to your heirs after your death; and,
- save your estate the unnecessary expense and complications of a Court-administered probate. The cost of a simple will could save your estate THOUSANDS of dollars.
If you already have a Last Will and Testament, it may need to be brought up to date if you have had any significant changes in your life, such as marriage or divorce or an addition to your family, since that instrument was written.
Advance directives are important tools for anyone to have, because even the healthiest person could experience a sudden accident and not be able to speak for herself. But when you have a life-threatening illness, it's particularly critical to make clear, in writing, what your wishes are should the time come when you can't express them yourself. What are your preferences about life-sustaining treatment?
A medical power of attorney will allow you to designate a trusted family member or friend to make medical decisions for you in the event you become unconscious or mentally incapable of making those decisions for yourself. Medical powers of attorney are not just for the elderly. Unexpected injuries or illness can occur at any age, so all adults should have one in place.
A statutory durable power of attorney will empower someone to act on your behalf in:
- Real property transactions;
- Tangible personal property transactions;
- Stock and bond transactions;
- Banking and other financial institution transactions;
- Personal and family maintenance;
- Retirement plan transactions;
- Tax matters, and various other important matters.
Call me for a free consultation to discuss these and other planning devices.