For those with busy lifestyles in Texas, putting together a will is most likely not at the top of the to-do pile. However, deciding not to draft a will is risky, as death is unavoidable and can strike both the young and the old. In addition to creating a will, a few other legal documents are important to put together as part of the estate planning process.
One of these additional documents is a power of attorney. This document, also known as a POA, spells out which person will handle the document creator’s financial affairs in the event of his or her incapacitation. Another important document is a living will, which details the document creator’s desires concerning his or her medical treatment in situations where providing informed consent is not possible.
In addition, a couple of other essential health care documents include a health care proxy and a HIPAA release. Health care proxies offer details about who will make health care decisions for certain patients who are no longer able to make these decisions for themselves. A HIPAA release makes it possible for a health care provider to use or disclose a patient’s health care information as needed.
Creating an estate plan is also essential for making sure that certain assets end up in intended hands when one passes away in Texas. Thus, estate planning is an important part of both end-of-life planning and financial planning. A knowledgeable attorney can help with the process of creating well-thought-out estate plans that will help the creators of these plans to be as prepared for the inevitable as possible.
Source: mytwintiers.com, “Money Smart Week: The Five Documents You Need When Estate Planning“, Michelle Ross, April 24, 2017