Not only is planning for family’s protection after your lifetime important, but what about if you become incapacitated during your lifetime and are unable to manage your financial affairs or worse make life saving decisions on your own behalf? A complete Estate Planning solution not only includes your Will, but the following legal documents:

Statutory Durable Power of Attorney: 

These powers of attorney authorize your appointed agents to make financial decisions on your behalf as long as you are alive. You have the option of making these powers effective immediately after you sign it, or delaying the effectiveness until you become mentally incapacitated.

Medical Power of Attorney: 

These powers of attorney grant your selected agents the authority to make a broad variety of health care decisions if you are incapacitated. These decisions include consenting to surgery, checking you into a nursing home or hospital, obtaining your medical records, and terminating life sustaining treatment.

Directive to Physicians and Family Surrogates (Living Will): 

This document provides direct instructions to your doctor under specific circumstances, in terms of life-sustaining treatment. If you are suffering from a medical illness or condition that you will not survive, this documents tells the doctor to provide only those treatments needed to keep you comfortable.

Declaration of Guardian: 

These documents serve as a backup to the two powers of attorney previously mentioned. Although the powers of attorney generally avoid the need for a guardian, if a guardian is appointed for you by the court, the guardian could have authority to revoke those instruments. If a guardianship administration is instituted in court for you by any party, this document will help ensure that the court appoints as your guardian the same person that you have otherwise decided to entrust with your affairs.

Even though most of us never want to consider what may happen after our passing, death is inevitable. To protect our loved ones, we should begin the necessary preparations as soon as possible, regardless of our age or income. Thorough and responsible preparation begins with the creation of a Will. Have you considered how you will protect your family? Do you know and agree to how your assets will be disposed of after you pass?

What is a Will? 

A Will is an individual’s legal declaration of an outright disposition of his assets at death. The Texas Probate Code defines a Will as including a codicil, and a testamentary instrument which merely appoints an executor/guardian, directs how property may be disposed of, or revokes another Will.

Who can create a Will? 

Any person over the age of 18 years, or who has been married, or who is a member of the armed forces of the United States, and has testamentary capacity (also known as sound mind), can create a Will.

Do I need a Will?  

If you meet the above requirements, the answer is yes. Having a valid Will in place during your lifetime can help make administration and distribution of your estate easier for your family that you will leave behind after your passing. You should be concerned with what happens to your property and in whose hands your property ultimately falls. It is because of this concern that a Will is an excellent idea for almost everyone who has the capacity to make one.

Some people do not own many assets at this point of their lifetime and incorrectly assume that they do not need to be concerned about Will preparation. This is not necessarily true. Though your financial condition may not be strong at this point, you do not know what it will become at your death or what property you will own at your death. Your personal family situation may dictate your need for a Will. For example, if you are married with minor children, having a Will in place may make all the difference for your family, even if you have a few assets.

A well-drafted Will may contain a trust for minors and incapacitated persons, but without that trust an expensive, cumbersome guardianship is the result. Also, a well-drafted Will provides for a contingent beneficiary in the case the primary beneficiary you had left the bulk of your assets to passes before you do. The scenarios are endless. No one can predict who in their family will pass first. That’s why Estate Planning is a very personal decision and the appropriate provision to be included in your Will depends upon your family dynamics and your objectives. Having a properly drafted Will can help. Thus, you should contact an attorney to assist you.