Estate Planning
It is often difficult to discuss what may happen in our lives in the event of our incapacity or death; however, not planning for these events can be not only costly, but can also present a hardship for those we leave behind. Texas has a relatively simple Probate system (administration of estates) if you have a will, which is drafted to take advantage of this simplicity. The Guardianship system (court determination of a guardian for the incapacitated) can be much more complicated without the proper documents drafted and executed in advance. Below is an explanation of the documents, which our firm recommends you have in place for a simple estate in Texas.
Wills
Our wills are drafted to take advantage of the Independent Administration of Estates available in Texas, which requires little court involvement and is more economical. Your Executor (Personal Representative upon death) will merely need to file your death certificate, along with your will and other simplified documents, which an attorney can prepare with relative ease. We also provide a personal property memorandum to accompany your will in which you can gift special sentimental items without having to alter your will each time you make a change in or new gift of personal property. Drafting this type of will allows for simplicity of administration for those left behind.
Medical Power of Attorney
This document allows you to appoint now, the individual (as well as alternates) who you would like to make medical decisions for you in the event that you are unconscious due to accident or illness. If the first appointed person is not available, medical providers can contact the alternates who are designated in the document. We recommend that this document be filed with your general physician as well as the hospital nearest your home.
Declaration of Guardian for Estate and Person
This document allows you to appoint now, the individual (as well as alternates) who you would like to take care of your person (i.e. coordinate health care services, home health care, nursing home services) and your estate ( i.e. collect Social Security or paychecks, pay mortgages or health insurance premiums) if you are completely incapacitated. This document prevents your spouse or other individuals from having to petition the court to be appointed as your guardian and continue to make yearly reports to the court, which can cost substantial amounts of money for court costs, attorney fees, accountant fees and the like.
Declaration of Guardian for Minor Children
This document allows you to appoint now, the individual/s (as well as alternates) who you would like to have care for your minor children in the event of the death of your and your spouse. This issue is of vital importance and should be discussed with the parties involved to determine a plan for such an occurrence.
Our basic Estate Planning Package includes all of these documents. The package also includes the facilitated execution of all of the documents to Texas Standards. We provide all witnesses and notaries to insure proper execution. We will retain copies of your documents and provide you with your original documents. Please contact me for a consultation regarding your Estate Planning, so that we may determine which documents will best accomplish your goals.
Durable Power of Attorney
This document allows you to appoint now, an individual (as well as alternates) to perform a multitude of tasks on your behalf (i.e. banking transactions, tax related matters, retirement transactions, etc.). This document contains broader powers than the Declaration of Guardian for Estate and Person and can be made effective either immediately (ideal for the traveling spouse) or only in the event of incapacity.
Directive to Physicians
This document is what you have most often heard of as a "Living Will". It allows you to choose now, whether you would like to discontinue, or continue to rely on, life sustaining support in the event that your physician determines you have a terminal or irreversible condition. It also allows for special instructions to be followed in these instances.