Texas readers know that estate planning is not a cookie cutter process, just as every family is different. It is often the case in estate planning to have one sibling that might be better suited to money management than another. Instead of granting each child the exact authority, it is possible to split accordingly by using a separate power of attorney for each.
Posts tagged "powers of attorney"
The composition of families across Texas and the nation is changing. Until recently, a traditional model in which there were two parents and several children was the standard model for a family. Now, there are many different types such as blended families, single households and other structures. This has made those who are seeking to begin estate planning need to deal with a wider variety of issues than in the past.
The appointment of an individual to be the holder of a power of attorney for healthcare is an important part of the planning process for many in Texas. One estate planning authority notes that if a healthcare power of attorney does not exist, the decisions as to the amount of life sustaining medical care offered to a person may be made by law rather than following an individual's specific wishes. This has led many in our state to add a power of attorney document to their estate planning.
The reasons that people in Texas might avoid the estate planning process are understandable. Fear of death, denial and lack of knowledge about the estate planning process are just a few of these reasons. However, at least one authority notes, there is never a bad time for a person to begin an estate plan or to create a will.
As a person ages, it can be difficult for their family to determine what, if any, actions should be taken to assist them with their daily needs. This is especially true if an elderly person begins to show signs of dementia or other age-related diseases. Some in the field of elder care refer to the earliest stages of dementia as "the grey zone." In such cases, families in Texas sometimes turn to guardianship alternatives such as a power of attorney.
When a court appoints a guardian to care for an elderly or disabled person, the individual appointed is entrusted with the responsibility to oversee and make many decisions in the best interests of the person under their care. Other times, guardianship alternatives such as powers of attorneys are used. No matter which approach is followed, sometimes the person entrusted with the guardianship may misuse financial resources or otherwise abuse or neglect the person whose welfare they have been entrusted with. Texas Senator John Cornyn (R-TX) has co-sponsored, with Amy Klobuchar (D-MN), the Guardian Accountability and Senior Protection Act, which cleared the Senate Judiciary Committee on July 12, and is now headed to the full Senate for voting.
A large number of the residents of Texas, along with other Americans, do not have proper estate planning documents, a new report says. The numbers are surprising, showing that up to 92 percent of those under the age of 35 do not even have a basic will, let alone full estate planning provisions. This can leave a person's assets unprotected and may result in a long and costly probate process when the person dies.