When creating an estate plan in Texas, there are several key elements you should consider including. It's essential to consult with an experienced estate planning attorney in Texas to ensure your estate plan meets all legal requirements and effectively reflects your wishes. Laws vary in each state, so a professional can guide you through the process and address your needs and concerns according to your state’s law.
The first key element is a Will. A will organizes how assets and property are allocated after your death. It also allows you to appoint an executor to manage your estate and name guardians for any minor children. Completing a will does not avoid probate, but it is a necessary document in any estate plan.
Next, designate someone you trust as your agent through a durable power of attorney. A power of attorney is effective during your life and does not affect your assets after your death. If you become incapacitated, this person will have the call to make financial and legal decisions in your best interest. Along with durable power of attorney, appoint a trusted individual as your healthcare agent through a medical power of attorney. If you cannot, this person will make medical decisions for you.
A living will, also known as an advance healthcare directive, expresses your wishes regarding medical treatment and life-sustaining measures in the event of a terminal illness or persistent vegetative state.
It is also essential to sign a HIPAA authorization form to grant permission for healthcare providers to disclose your medical information to designated individuals, ensuring they can make informed decisions on your behalf.
Another consideration in your estate planning process is creating a revocable living trust to manage your assets during your lifetime and dictate how those assets distribute after your death. This trust can aid in avoiding probate. It also provides privacy and flexibility in asset distribution.
If you have property in multiple states or real estate and one or more businesses, it is important to understand how your estate plan can work to make the process smooth for your family and business.
Review the beneficiaries on all accounts, life insurance policies, and other assets. Ensure they align with your estate plan, as beneficiaries supersede instructions in a will or trust.
A letter of intent will guide your loved ones regarding your final wishes, funeral arrangements, and other important information or instructions. If you have minor children, designate guardianship in your will to ensure they are cared for by someone you trust if you pass away.
Review and update your estate plan often to account for changes in your circumstances, such as marriages, divorces, births, deaths, or significant changes in assets. If you need assistance with estate planning, Cohoon legal would be more than happy to help.
Copyright by Cohoon Legal 2023.
DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. Any links to outside websites are does not mean that Cohoon Legal endorses or is any way affiliated with the third-party website or company and no liability exists or is created through the link. You should consult an attorney for advice regarding your individual situation.
Attorney Amber K. Cohoon worked for over thirteen years for small business owners. She managed the finances, administration, and all areas of the business for these owners. She opened COHOON LEGAL in 2017 to bring legal services to the majority of business owners that need affordable and effective legal services.
M-F: 9am - 4pm