Essential Estate Planning Documents

When you begin preparing for the future of your estate, there are a number of different documents that are important to keeping your assets secure. In addition to taking steps to protect your property, planning for the future also includes planning for unexpected events regarding your health and mental capacity. While you may never have to put these plans into practice, having protections for your estate and your life can give you peace of mind so that you can focus on the here and now without worry.

Last Will and Testament: A will is a document that specifies who you would like your property to pass to after your death. Typically a will includes family members, charitable organizations, or close friends. In your will you also specify who you want to act as your executor, a personal representative who will ensure that the wishes in your will are followed completely. They will also be in charge of managing any outstanding debts after you pass.

Living Will: A living will is arguably the most important document that you can draft for your future health and security. This document is a directive to doctors and other health care professionals, telling them what types of treatment you approve of and which you refuse, if any. If you are ever involved in a severe accident or develop a health complication that prevents you from communicating your wishes or making decisions on your own, your living will is a guideline for doctors to follow. A living will may include details on types of life support or who you wish to be present at your bedside if you fall deathly ill.

Durable Power of Attorney for Health Care: This document gives you the opportunity to appoint an individual to make health care decisions for you if you are ever unable to make them for yourself. While a living will may cover some of the details of how you wish to be medically treated, a power of attorney allows a person to make decisions for you that align with your wishes when an unanticipated situation arises. This person should be someone you trust who understands your beliefs and will uphold your wishes in critical medical treatment situations.

Durable Power of Attorney for Property: If you ever become unable to manage your own finances because of a serious injury or illness, this document allows you to choose a person to take over these matters on your behalf. This may include paying a mortgage or rent, paying bills, and managing financial assets. A Power of Attorney for Property also helps to protect your assets from potentially greedy family members or fraud schemes. If you recover, the Power of Attorney is ended and you immediately regain control of your finances.

Contact Us

There are several documents involved in estate planning that can help to protect your life and your property while you are incapacitated and after you pass away. To learn more about taking measures to protect your estate and your future health from the unexpected, please contact the Austin estate planning lawyers of Slater Kennon & Jameson, LLP today at 512-338-1100