Some of you might consider planning your Will a sad or depressing activity. But in reality, nothing says ‘I love you’ more than properly planning for the future so the person you love is protected. Whether you’re married or in a committed relationship, there are several important documents that you need to have in place.
- Will– Creating a Will is a crucial part of everyone’s estate plan. It provides detailed instruction on how to distribute your assets upon your passing, along with other important issues. Having a Will prepared in advance will ensure your loved one receives everything you intended.
- Medical Power of Attorney– This document lets you designate the person you want to make all medical decisions for you if you become incapacitated. The person you love most should be empowered to take care of you, if the need ever arises.
- Directive to Physician– This is also known as a Living Will. A Directive to Physician gives specific instructions on your end-of-life decisions including whether or not to withhold or administer artificial life-sustaining procedures. It is important to have your wishes in writing, and can take a lot of stress off your spouse or partner when those decisions need to be made.
- General Power of Attorney– This document allows you to choose a person to handle your financial affairs if you become incapacitated. This is important because, without it, the state statutes and a judge will make this decision for you.
This year on Valentine’s Day, in addition to candy or flowers, plan on creating or reviewing these important documents and give the gift that truly matters. There are many tools to accomplish your goals and protect your family. Debbie can assist you in developing the plan that is right for you.
What happens when you don’t have a Will?
When Bill passed away, his wife Mary assumed she would automatically receive everything he left behind. Bill had never created an official Will, so once he passed the State of Texas had to step in and begin sorting through his estate. It took Mary almost 6 months to get full access to her husband’s assets. This created financial hardships for Mary that could have easily been avoided with a legal Will. Failure to have a valid Texas Will places the future of your assets and every decision regarding your estate in the hands of the court. Make sure your loved ones have the security of legal documents that protect their future.