The Importance of Proper Estate Planning
Proper estate planning can reap generous rewards for surviving loved ones including possible minimization of estate tax liability and probate avoidance. If you have considered an estate plan but have yet to speak with a Fort Worth Estate Planning Lawyer about your wishes, we encourage you to contact us as soon as possible in order to execute the proper documents to carry out your preferences. In addition to a Last Will and Testament, your estate attorney can offer bundled estate planning services including a durable power of attorney for finances, healthcare directive, HIPAA authorization and trusts.
Basics of a Last Will and Testament
A will is one of the most foundational estate planning documents, and even the most elaborate estate plans contain a will in order to make certain the testator’s final wishes are honored. A will can be simple, leaving everything to the spouse or children, or more complex in nature depending on your intentions with your estate. If you so choose, you may structure your estate plan to leave a significant portion of wealth to your favorite charity, alma mater or church. A will may also contain information, also known as a memorial plan, relating to your funeral service, burial, cremation or organ donation.
Fort Worth Estate Planning Lawyer Discusses the Durable Power for Finances
A durable power of attorney is a document naming another person as your agent for purposes of engaging in legal and financial transactions. Many people choose their spouse as their primary agent, followed by an adult child or trusted friend. Durable powers of attorney, as opposed to non-durable, are drafted to survive past the point of incapacity and alleviate the necessity for your family to file a costly guardianship proceeding in order to help with your finances upon mental incapacity.
Healthcare Directives and the Living Will
Another important component of a comprehensive estate plan is the healthcare directive and living will. A healthcare directive, like a power of attorney, names an individual or individuals as your agent for purposes of making important healthcare decisions on your behalf. The living will directs medical professionals as to your wishes when facing a terminal illness or persistent vegetative state.
Contact a Reputable Fort Worth Estate Planning Lawyer Today
If you are interested in preparing an estate plan and would like to get started with an experienced Fort Worth Estate Planning Lawyer, please contact the Hurr Law Office, P.C. today by calling 817-210-0150.