Contrary to popular belief, estate planning is not just a concern for the wealthy or older adults. In reality, it can benefit anyone aged 18 or older. Life is unpredictable. Estate planning for young adults is about preparing for unexpected emergencies and the future. With an estate plan in place, you can ensure that in the event of incapacitation or death, decisions about your health, finances, minor children, and estate are shaped by your wishes, not left to Texas state law. Below, our Texas estate planning lawyers break down four essential estate planning documents to protect yourself, your family, and your legacy.
1. Will
A will is a legal document that outlines your wishes about how your assets should be distributed upon your death. It specifies who will inherit your property and who will be the executor of your estate or the person responsible for carrying out your wishes.
Even if you believe you do not have enough assets to worry about, you may have personal belongings that you want to go to certain people. Without a will, Texas intestacy laws determine the distribution of your estate. Texas law may not align with what you want.
A will is also critical for parents with minor children. If you have children under the age of 18, a will allows you to name a guardian for them in the event that you and their other parent pass away. Without your direction through an estate planning document, the court will decide who will care for your children.
2. Medical Power of Attorney
Unexpected medical emergencies can happen at any age. If you are severely injured or ill, you may be unable to speak for yourself. A medical power of attorney is a legal document that allows you to appoint someone you trust, known as your medical agent, to make healthcare decisions on your behalf if you cannot make those decisions yourself. Your medical agent will be able to talk to your medical providers and make medical treatment decisions on your behalf if you are unconscious or otherwise incapacitated.
3. HIPAA Release
The Health Insurance Portability and Accountability Act (HIPAA) establishes strict privacy regulations surrounding your medical information. Under HIPAA, healthcare providers cannot legally share your health status or medical information with anyone you do not explicitly authorize, including family members.
A HIPAA release is a legal document that allows specified individuals access to your medical information. If you are unconscious or incapacitated due to an accident or illness, a HIPAA release ensures that your family members can speak to your healthcare providers and access your medical information.
You can specify who can receive information about your health and what type of information they can receive. However, generally, we recommend giving your medical agents access to make informed decisions about your care if needed.
4. Financial Power of Attorney
A financial power of attorney is a legal document granting someone you trust, your financial agent, the authority to handle financial matters on your behalf. Financial matters may include anything from accessing your bank accounts and paying your bills to making property decisions and signing your taxes.
Accidents or sudden illnesses can happen to anyone at any age. A financial power of attorney ensures that your financial obligations are handled, even if you are temporarily unable to manage them yourself. You can choose whether your financial agent can act on your behalf immediately or only in the event of incapacitation.
Estate Plan Express: Create a Simple Estate Plan Online
At Warren & Migliaccio, we offer a quick and convenient estate planning solution for Texans. Estate Plan Express is our flat-fee online service that includes everything you need for a simple estate plan:
- Last will and testament
- Medical power of attorney
- HIPAA release
- Financial power of attorney
We streamline the estate planning process through our easy-to-use online portal and guided questionnaire. From the comfort of your home, you can have estate planning documents prepared by an experienced Texas estate planning lawyer that meet your needs and objectives. Then, you will only need to legally execute them on your own.
Our Other Texas Estate Planning Services
Do you and your family have more complex estate planning needs or want hands-on support from your attorney? Our law firm also offers two other levels of estate planning services: White Glove and Everything but the Execution.
This chart compares our three tailored estate planning services—White Glove Service, Everything But the Execution, and Estate Plan Express—focusing on features such as custom estate plans, document drafting, and execution support.
Our White Glove and Everything but the Execution services include custom and comprehensive estate planning solutions, including revocable living trusts. A revocable living trust is a flexible legal arrangement that allows you to transfer your assets into a trust for your benefit during your lifetime.
After your death, the person you choose to manage your estate will transfer the remaining assets to your designated beneficiaries. This person is called your successor trustee.
A revocable living trust allows you more control over your assets during your lifetime and after death. For example, assets placed in a revocable living trust avoid probate. Complex assets, such as businesses or real estate in multiple states, can complicate and prolong the probate process. A trust allows your assets to transfer directly to your beneficiaries.
Additionally, you can plan for incapacitation with a revocable living trust. If you become incapacitated, your successor trustee can manage your trust and financial matters according to any instructions you outline in the trust terms.
Schedule a Consultation With Our Texas Estate Planning Lawyers
We understand that thinking about and planning for incapacitation or death can be overwhelming and unpleasant. At Warren & Migliaccio, we aim to take the stress out of estate planning and make it straightforward.
Start your estate plan today with our online Estate Plan Express service. You can also schedule a consultation with our Texas estate planning lawyers. During a consultation, we can answer your legal questions and discuss how we can help you create an estate plan to safeguard your legacy and protect your family. Call us at (888) 584-9614 or contact us online, and we will contact you soon.
