A significant number of Americans wind up dying without an estate plan in place, and if you do not currently have one, know that dying without one may lead to unnecessary trouble for your loved ones. The good news is that your Texas estate plan does not have to be particularly complicated or thorough to be effective.
According to Bankrate, having a solid, straightforward estate plan in place may help you accomplish several important objectives. First, it gives you power and control over what happens to your assets and what happens to you medically if you are unable to voice your preferences. Second, it may help your beneficiaries access the assets you leave behind faster than they would if you died without an estate plan. If you have neglected to create an estate plan, know that you may accomplish many important estate-planning objectives by including the following three elements in yours.
1. A WILL
Dying without a will means you die “intestate.” This delays the process of distributing your assets. Creating a will lets you dictate who you want to take ownership of your assets after your death.
2. AN ADVANCE DIRECTIVE
Advance health care directives give your health care providers a sense of your medical wishes if you become unable to voice them. You may use yours to say if you want resuscitation, if you want to be an organ donor and so on.
3. A POWER OF ATTORNEY
A power of attorney gives someone the ability to access your financial accounts and handle them accordingly.
No one wants to think about what is going to happen in the event of death. However, putting a plan in place ahead of time shows your loved ones you care and helps you maintain control over important life-and-death decisions.