An estate planning checklist is a list of important documents that should be completed prior to becoming incapacitated or death. The checklist should include the following documents:
Durable Power of Attorney – This document gives a designated person(s) the power to make personal financial and property management decisions for you.
Medical Power of Attorney – This document puts into writing what your medical care wishes are in the event you become incapacitated and unable to make decisions for yourself. This document also states whether or not you want to be an organ donor or undergo life support measures.
Living Trust – This document places your assets into a trust for your benefit while you are alive, then transfers your remaining assets to your beneficiaries after you are deceased.
Will – This allows you to name whomever you wish to receive your assets after you die. It also allows you to designate an executor or executrix to legally distribute your assets to your heirs after they have settled all of your remaining debts.
If you would like to discuss your estate planning checklist, or have any of these documents drawn up for your estate, please contact us. If you wish to know more about Texas Estate Planning Laws, follow the link below.