#Asset checklist for estate planning how to

It enables the principal to choose successor agents in addition to their primary choice, and it supplies them with the ability to place limitations on the powers given to all chosen representatives. Due to the broad scope of power bestowed on the agent, it is essential that the principal elect someone they trust, someone who they know will make executive decisions with their best interests in mind.ĭurable Power of Attorney for Health Care – This document is the instrument through which an agent will be selected. Once the principal (patient) has been deemed too incapacitated to make logical decisions, the agent will be granted the authority to consent, refuse, and withdraw from health care treatments. The selection of a health care attorney-in-fact, or agent, is a crucial step for anyone nearing the end of their life. It is highly recommended that all of these documents be completed with an attorney present. The below step-by-step instructions should be used as a guideline of how one might go about organizing their affairs for the last chapter of their life.

Draft a Living Trust/Last Will and Testament.

#Asset checklist for estate planning how to

How to Create an Estate Plan in Texas (6 steps)

A Last Will and Testament and/or a Revocable Living Trust can be used to divide an estate among beneficiaries following the estate owner’s death. A Durable Power of Attorney for Health Care grants an agent the authority to make medical decisions on the behalf of the creator. A Durable (Financial) Power of Attorney can be drafted, enabling a trusted attorney-in-fact to attend to the principal’s finances.

When an individual approaches the end of their life, they are faced with critical decisions concerning how their estate will be managed should their health decline to such a point that they’re unable to care for themselves. A Texas estate planning checklist is a guide created to assist Texas residents in planning for the distribution of their estate and election of healthcare and financial agents.