Many people do not realize that there are several different types of Power of Attorney. Each serves a specific purpose and has its own set of rules as to when it will come into effect, as well as when it will cease. Below, we discuss the four most common types.
August 2018 Archives
Texans who downplay the importance of having an estate plan might come up with various justifications for their position. They might think they do not have significant assets to make it necessary to craft a will, a trust or other estate planning device. Those with major assets could simply put it off under the mistaken belief that it is something that can wait for a later time. Regardless of the financial standing, it is important to have an estate plan that suits a person's needs. This frequently comes to the forefront when a celebrity dies and it is later found that he or she did not have a will as is the case with the late singer Aretha Franklin.
Texans who have concerns about the type of medical care they will receive should they become ill enough that artificial means are necessary to keep them alive will want to think about a living will. A living will is a key part of comprehensive estate planning and should not be ignored. The desire of the person is paramount with a living will. Many people do not want to be subject to medical intervention or be kept alive with artificial means. Therefore, it is important to remember important points about Texas law for living wills.
Having a child means that you will have another person to think about, hopefully, for the rest of your life. Before your child's birth, you may have already found your mind constantly on his or her needs. You undoubtedly have the mindset of an attentive and concerned parent, but have you considered how creating your estate plan could benefit your child?
Texans who are without a vast portfolio and do not own significant amounts of property will often shun the basics when protecting themselves with an estate plan. There might be a perception that an estate plan is only necessary for those who own a lot. This is not the case. The reality is that people who function under the belief that they own so little that wills and other estate planning devices are unnecessary do have many items that need to be addressed by formulating at least a basic document. Still, it is important to understand what happens when there is no will or other estate planning document to serve as a guideline after death.
When a loved one dies in Texas, there are many things that a family will need to think about. Apart from the grief, there are legal factors that must be accounted for in the aftermath. Some of these can be complicated. Probate is an important part of the legal process after a loved one has died.