Posted on Dec 31, 2015 in
COLUMNS
When most people think of estate planning, the immediate emphasis is on the last will and testament. Without a doubt, your last will and testament is significantly important, but there are other equally important – but often overlooked – documents that you should have in your estate plan. Here are five estate planning documents that you may not have considered:
1. Statutory Durable Power of Attorney. A durable power of attorney allows you to appoint individuals to take care of your financial affairs during your lifetime. This document should help avoid the necessity of going through a court proceeding to have a guardian appointed for you if you are unable to take care of these matters on your own. You will want to make sure the persons you are appointing as your agents are individuals that you not only trust but also have the ability to handle your finances. A durable power of attorney ceases to be effective upon your death.
2. Medical Power of Attorney. This document allows you to appoint individuals to make medical decisions for you during your lifetime if you are unable to make them for yourself. Like the Statutory Durable Power of Attorney, this document helps avoid the necessity of a court-supervised guardianship to make medication decisions for you in the event of incapacity.
3. Authorization to Release Medical Information. This document allows you to name individuals who will have access to your confidential medical information. This document does not confer any power to the named individuals to make medical decisions on your behalf; it merely gives them access to view your medical information or to speak with doctors or other health care professionals regarding your care.
4. Appointment of Guardians for Minor Children. Texas law provides that certain family members have priority to serve as your children’s guardians. To bypass this law, you will need to specifically name the individuals you wish to have custody of your children and control of their inheritance upon your death or incapacity.
5. Directives to Physicians and Family. This document allows you to decide whether or not you would like life-sustaining medical treatments if you are suffering from a terminal condition or an irreversible condition. Should you not sign this document, the family member designated by Texas law or the agent under your Medical Power of Attorney would make decisions concerning your medical treatments, including decisions about the use of life-sustaining treatments.
An attorney specializing in estate planning can help you make sure these important documents are in good order and a part of your estate plan.
