Estate Planning for the
Typical Texas Resident
Most Common Documents Prepared
Last Will and Testament (“Will”)
In this document,
a person designates the beneficiaries who would receive
his property (personal effects, cash, real estate, etc.) in the event
of his death. He also appoints an executor, who is
the person responsible for carrying out the terms of his
Will. In a Will, a person can also designate a personal guardian for
any minor children, as well as a trustee to manage financial resources
for beneficiaries.
General Durable Power of Attorney
In this
document, a person appoints an agent to manage his business affairs in
the event of incapacity.
Medical Power of Attorney & HIPAA Authorization
A person can appoint an agent to make healthcare
decisions for him in the event he is unable to do so for himself due
to incapacity, to discuss his healthcare issues with his physicians and
to able to review his medical
records that would otherwise be protected from disclosure under privacy
laws.
Declaration of Guardian in the Event of Later
Incapacity
In this document, a person may choose
the person that he would want a court to appoint as his
legal guardian should a legal guardianship become
necessary due to issues related to incapacity.
Designation of Burial Agent
In this document, a person appoints an
agent who has the right to make decisions concerning his funeral and
burial provisions.
Directive to Physicians
In this document, a person states whether
he desires that his physicians utilize life-sustaining treatments in
the event he is suffering from a terminal illness or irreversible condition.
Revocable Living Trust (“RLT”)
Alternative to Traditional Will —
Probate
is usually a simple and straightforward procedure under Texas law, if
a person dies leaving a valid Will that directs that his executor is
to serve “independently” from court control, other than filing an inventory
of estate property that is required by the Court. For this reason, a
traditional Will meets the objectives of most Texas residents.
As an alternative to the traditional Will, however, many clients choose
to establish an RLT during their lifetime. One reason that many clients
prefer the RLT is to avoid probate proceedings at their death, for either
privacy reasons or to avoid the expense of probate. The RLT is also an
attractive option for Texas residents who own real estate in other states
in which probate is a time-consuming and expensive proceeding.
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