The Big Three
The three Estate Planning documents that every Texan needs and why.
1. Will
The first document that every Texan needs is a Will. A Will is the document that lets you direct who receives your assets when you pass away. Without a Will, your assets pass under the laws of intestacy (a person who passes away without leaving a valid Will). To ensure your spouse, family and friends are protected and taken care of, it is important to have a valid Will.
2. Medical Power of Attorney
The second document that every Texan needs is a Medical Power of Attorney. This document allows for the agent you have appointed to make medical decisions for you in the event you cannot.
3. Statutory Durable Power of Attorney
The third document that every Texan needs is a Statutory Durable Power of Attorney, also known as a Financial Power of Attorney. This document allows for the agent you have appointed to act on your behalf in making various financial decisions and actions.
There are other documents that Texans can get to assist them while they are living and for when they pass away, but these are the three must haves. Every individual has different Estate Planning needs and for further advice and or recommendations, please see a local Estate Planning Attorney in your area.
