The new year is usually the milestone we need to stop and identify what we want to do differently with our lives. It’s when we ask ourselves “what do I need to change to make my life better and what tasks do I just need to get done”?
It’s this time of year we add things to our lists that we know we need to do but have put off. If you don’t have a will or an estate plan, this MUST be on your list!
People often think they don’t have anything, so they don’t need an estate plan. WRONG! Join me in saying - You Are Enough! Five of the seven documents generally included in an estate plan are for situations that happen while you are alive.
If you are married, you need an estate plan. If you have a partner, but are not legally married, you need an estate plan. If you are engaged, you need an estate plan. If you own a home, you need an estate plan. If you have children, you need an estate plan. If you live in the Metroplex, and own property outside of Texas, you need an estate plan.
If you don’t have an estate plan, the State of Texas has a one-size fits all plan, and you’re not going to like it.
People often know they need to have an estate plan, but what is it? An estate plan is a group of documents that work together to tell everyone what decisions you want made for you when you cannot communicate; equally important, estate planning documents identify who you want making those decisions.
Estate plans often include the following:
- A Will, or will alternative
- A Statutory Durable Power of Attorney – the person who can make decisions about your things,
- A Medical Power of Attorney,
- A HIPAA Release,
- A Directive to Physicians – Commonly known as a Living Will,
- A Declaration of Guardian – to tell a judge who you want making decisions if a Guardianship is created, and
- An Appointment of Disposition of Remains – the person authorized to pick up your remains
The list above is not an exhaustive list of documents, and speaking with an attorney will identify the best documents for your situation.
Contact DebnamRust to schedule a consultation to see what estate planning documents are right for you, and step into 2024 knowing your affairs are all taken care of!