Houston Estate Planning Attorneys

What Should My Estate Plan Include? Estate Planning in Texas

Estate planning can get complicated quickly. However, the majority of estate plans use the following three documents to form the foundation of the estate plan:

1. Living will. A living will governs what happens to a person if they become medically incapacitated. Living wills can be used to establish Health Care and Financial Power of Attorney (POA). An individual can utilize POA to designate how their health and estate should be handled at the end of their life or if they become medically incapacitated. Essentially, a living will enables an individual to ensure their health and property are taken care of properly at the end of their life.
2. Last will and testament. A last will and testament dictates what happens after the will owner passes away (becomes a decedent). The testator (person who makes the will) can determine how their property should be distributed among beneficiaries, such as friends, family and loved ones, after they pass away.
3. Trust. A trustor can establish either a revocable living trust (which they can adjust throughout their life) or an irrevocable trust (which cannot be changed post-establishment). Trusts offer individuals a way to distribute property without going through probate, making them a key element of most estate plans.

The requirements for making different estate planning documents legally binding vary depending on the document in question. For example, to finalize a will, you must sign it in front of at least two witnesses (who also sign the document). However, to establish a trust, you need only sign it in front of a notary public.

Your estate planning lawyer can help you draft comprehensive estate planning documents that ensure you receive the end-of-life care you deserve and your property gets distributed according to your wishes after you pass away.