Estate planning can oftentimes seem like a mysterious process to Texas residents. After all, for starters, most people equate estate planning with death, which can obviously be uncomfortable. However, for most people there is much more to consider when it comes to estate planning, which is why it is important to analyze your needs from a comprehensive point of view.
Estate planning building blocks
It is true that the bedrock document of most estate plans is a will. This is the document that will spell out your wishes for the distribution of your assets after your death. This document is important because, without a will, state law will fill the place of the need to determine how assets in an estate will be distributed. In some cases, the approach of state law is not what people want to occur.
However, there are other documents to consider in an estate plan as well. Power of attorney documents, for example, can appoint individuals – or more than one person – to make decisions on your behalf if you are incapacitated an unable to do so. Decisions on medical needs and finances, for example, can be made by those who are appointed through power of attorney documents. A living will is another document that is usually included in a comprehensive estate plan. This document spells out your wishes for end-of-life medical treatment or other instructions about life-saving treatments.
At our law firm, we work with Texas residents who want to take a comprehensive approach to analyzing their estate planning needs. For more information, please visit the estate planning overview section of our law firm’s website.