Without a Will, living will, medical and financial powers of attorney, and other related planning, you are letting a court decide:
- Who will be the guardian of your children
- Who will oversee how your money will be spent to care for your children
- Who will inherit your property and possessions
- Who can make funeral and burial arrangements
- Who can make medical decisions for you are unable
- Who can make financial decisions for you if you are unable
Many families do not realize the real danger of not having a Will. Losing a loved one is one of the most difficult times that we can experience. To make matters worse, most people leave their family and loved ones guessing at their wishes, or handicapped in being able to honor those wishes, because they did not do some simple planning.
Here is a quick checklist as to some of the reasons why you should have a Will:
- You have children under 18
- You are starting a family
- You are divorced
- You are newly married
- You or your spouse are in a second marriage
- You own a home or other real estate
- You inherited property
- Your parents or in-laws are living with you
In addition to a Will, there are other vital pieces of planning that one should consider, including the following:
- Living Wills and Directives to Physicians
A Directive to Physician is the Texas document that is commonly referred to as a living will. This document instructs physicians to withhold or administer artificial life-sustaining procedures in the event of a terminal condition. - Medical Power of Attorney
A Medical Power of Attorney designates an agent to make medical decisions if you are unable to make them. - HIPAA Release Authority
A HIPAA Release Authority is a document that specifies who may have access to your medical records. For example, most clients will name the same individuals as in their Medical Power of Attorney so that they may have access to your medical records if they have to make medical decisions on your behalf. - Statutory Durable Power of Attorney (or financial Power of Attorney)
This document designates an agent to make financial decisions and control property on your behalf. For example, if you are in an accident and are in the hospital, your agent could help pay your bills and manage your financial affairs in your absence. - Appointment of Agent to Control Disposition of Remains
This document allows you to specify one or more individuals to be in control of your funeral and burial arrangements. This document also allows you to specify your wishes regarding such arrangements. - Gift By A Living Donor
This document allows you to make organ, tissue or body part donations and to specify whether such donations can be used for medical, scientific or education purposes. - Declaration of Guardian in Event of Later Incapacity or Need of Guardian
This document allows adults to designate one or more individuals to be his or her guardian if s/he is declared incapacitated or incompetent.
It is extremely important that you consult an attorney and other professionals when you are making these decisions and drafting these documents. No one’s circumstances and needs are the same. It is invaluable to have the knowledge and experience of an expert to guide you through these complex decisions.
There is no question that these are difficult decisions to face and contemplate. But unless you know something I do not, our time will come and none of us knows when. You must prepare yourself, your family, and your loved ones for the inevitable – and the reality is that it could be sooner rather than later.
This article provides information of a broad general nature only. The information contained in this article does not constitute legal or tax advice.
Lorie is a Dallas attorney who primarily focuses on estate planning, including Wills, trusts, powers of attorney, living wills, and probate. For more information, visit burch-law.com, or facebook.com/BurchLaw.
