Texas Estate Planning: Key Estate Planning Documents
Texas Estate Planning
Statutory Durable Power of Attorney
This is a popular document within estate plans. Many of you have likely heard of this power. In short, this power of attorney is a document than names an agent. The agent holds power to make financial decisions on your behalf. The power can become effective immediately or “spring” into effect when you become disabled or incapacitated. It is important to note, unless otherwise stated, an agent is entitled to be reimbursed for reasonable expenses and to reasonable compensation for service. Additionally, if co-agents are named, each co-agent may act independently from the other.
Medical Power of Attorney
This is another common power of attorney found dealing with Texas estate planning. This power of attorney names an agent to make health care decisions for you. Unlike the durable power of attorney, the medical power of attorney generally becomes effective when a doctor certifies that you lack competency to make your own health care decisions.
Directive to Physicians
This document is some times referred to as a “Living Will”. In summary, the directive deals with health care measures that you, the patient, wants imposed should you become unable to express your desires.
HIPAA Authorizations
A HIPAA authorization outlines the people, or agents, that you want to have access to your medical information. The use of this separate document can also alleviate concerns some medical professionals may have about relying on a medical power of attorney.
Declaration of Guardian for Oneself
The Texas Estates Code allows you to designate a guardian of the person and/or estate for you in case the you becomes incapacitated to the extent a guardianship is required. In addition, you can disqualify an individual who might otherwise have priority to serve as guardian under Texas law. Good estate planning typically aims to avoid a guardianship by having a statutory power of attorney or revocable trust, and a medical power of attorney.
Appointment of Agent for Disposition of Remains
This document is important because you can give special instructions as to your burial or cremation. Texas law provides a priority list of persons who have the right to control the disposition of your remains. This list begins with the person’s spouse, followed by an adult child, a parent, an adult sibling, executor, and then an heir. Therefore, this document can be important to you if you do not want a member of your biological family in control of your burial arrangement.
These are just a few basic Texas estate planning tools that are important to individuals regardless of their estate size. Learn More About the Texas Estates Code
Gibbins Law is Here to Help
Gibbins Law is here to help. We have experience helping individuals with various types of estate plans. Gibbins Law offers free consultations and appointments seven days a week. Initial consultations are always free.
To request a consultation, please contact us by phone or email and we’ll be with you as soon as possible.
Tyler Texas Estate Planning: Benefits of Estate Planning in Texas
Benefits of Estate Planning in Texas
- Control. Intestacy statutes determine the distribution of your estate if you do not have a Will or Trust. These statutes are found in the Estates Code and aim to distribute assets as a “normal” person would. In other words, if you do not have a plan, your estate will be distributed according to the Estates Code. Therefore, if you want to decide how your estate will be distributed, it is a good idea to plan now. Moreover, you can do this by contacting a Tyler, Texas estate planning attorney. Learn More About the Texas Estates Code
- Avoiding Probate. Probate can be avoided all together with proper estate planning. In contrast to a number of other states, Texas probate is not as expensive, time consuming, or complicated. To learn more about probate visit Learn More About Probate
- Worst Case. Among other reasons, you could become incapacitated due to a car accident or sudden illness. Consequently, you may not be able to manage your financial affairs or make medical decisions. You can plan for the worst case with estate planning.
- Efficient Distribution. Proper estate planning can avoid distribution delays. For example, if your estate goes through probate, your probate assets will not be distributed to your beneficiaries until the probate process is complete. This process often lasts months.
- Family Burden. Your estate plan can direct others how you want your end-of-life care to be handled. As you can imagine, such a directive can ease the burden on your family concerning these types of difficult decisions.
- Reduce your taxes. You may be able to reduce your estate taxes depending on the size of your estate. Of course, this usually involves not only your estate planning attorney but also an accountant. Overall, both will work together to develop the best plan for you.
GIBBINS LAW IS HERE TO HELP
Daniel Gibbins is a Tyler, Texas Estate Planning attorney. We have experience drafting estate plans for clients with various needs and different sizes of estates. Gibbins Law offers free consultations and appointments seven days a week. Initial consultations are always free. We are committed to always being here for you.
To request a consultation, please contact us by phone or email and we’ll be with you as soon as possible.
Gibbins Law, PLLC, Offers Essential Workers 10% Discount on Estate Planning Services
To show our appreciation and gratitude to the essential workers who are putting themselves at risk to support our country, Gibbins Law is offering a 10% discount on Estate Planning services for all essential workers. Our estate planning services include Wills, Trusts, Powers of Attorney, and other planning documents. For a full list, please see our Estate Planning / Wills services.
As always, Gibbins Law does not charge for initial consultations, and we are ready and able to assist our clients remotely. To request a consultation, please contact us by phone or email and we’ll be with you as soon as possible.