Readers in Texas know well that estate planning is an important process, both to the person making the plan and to those left behind. What the may not have considered is that there are many more aspects to estate planning then just creating a simple will. This is the case for individuals, regardless of their age or the size of their estate.
For example, a power of attorney can be used by anyone who has found that they are unable to care for themselves medically or financially. With this type of estate planning tool in Texas, an individual is appointed who is tasked with making decisions for the incapacitated individual. In the case of the financial power of attorney, this can mean paying the bills or managing assets. The holder of the medical power of attorney can make decisions as to end of life care, organ donorship in some cases and other decisions.
Choosing who to appoint to act on an individual’s behalf is an important step in estate planning. The choice may be different for each power of attorney or for guardianship of minor children. When considering who to choose, a recent report notes, the individual age, business acumen and other factors may be considered.
Estate planning can often appear complicated to people in Texas. Because of this reality, it is often helpful for individuals to first seek information relating to the process. After that, many find that they require the advice of experienced professionals who are able to assist them in creating documents that ensure the best outcome for them and their heirs both while alive and after their death.
Source: Forbes, Estate Planning For The Rest Of Us, Liz Davidson, Sept.12, 2013