The Summer Solstice of June 21st marks the official beginning of Summer. For most, Summer portends leisurely rest, blooming flowers, fireworks, swimming pools, ice cream socials, & the treasured VACATION! And, let’s be realistic: You know it’s time for a vacation when you start looking like the person on your driving license!
WAIT, journey-venturing travelers! As our firm’s mantra communicates, traveling families must take steps to “Protect What Matters Most.” Certainly, the welfare of your family and your wishes regarding yourself and your family “matter,” right?
While vacation naturally involves family activities and relaxation, all travelers should have a protection plan should they perish, become injured &/or become incapacitated. So, before leaving for your Summer vacation, ensure you have executed these four vital estate planning documents:
If you have children, who will oversee them and determine outcomes on their behalf?
How do you want your assets distributed?
1. Last Will & Testament -
NOW is the perfect time to discuss with your family what happens with your assets, liabilities, & children if something happens, even if you aren’t planning on vacationing! If a person passes without a Will, they die intestate, meaning Texas laws control property distribution and perhaps an outcome contrary to your wishes. Wouldn’t you rather have your assets distributed to your chosen beneficiaries? And wouldn’t you want to appoint trusted persons to make decisions for your children?
2. Durable General Power of Attorney –
This document appoints a trusted individual to serve as your agent, conferring them with a total Power of Attorney (POA). This power allows your trusted agent to pay bills, access financial accounts, and make financial transactions on your behalf if you cannot do so. The POA may take effect immediately or upon your incapacity and remains in effect until you die or until you subsequently revoke it.
3. Medical Power of Attorney –
Whether traveling or not, healthcare emergencies can occur anywhere and time -- and usually when you least expect them! A Medical Power of Attorney (MPOA) appoints your agent to make all health care choices for you and takes effect ONLY if you cannot make your own decisions. The MPOA endures indefinitely from when it is executed unless you establish a shorter period or revoke it later.
4. Medical Directive to Physicians –
Known as an “Advance Directive” (AD), this document allows you to communicate your wishes about medical treatment when you cannot make those known due to illness, injury, or incapacitation. You should provide copies to your physician(s), hospital(s), and medical facilities.
Unlike traveling, estate planning is not an enjoyable undertaking. Still, it is crucially essential for “protecting what matters most.” the Law Office of Dana L. White recommends that you take measures to plan for the future, ensuring your wishes are carried out in case of death or incapacitation.
The Texas family attorneys at the Law Office of Dana L. White are always happy to assist you and your family with “protecting what matters most.”
If you would like a consultation, please get in touch with us at 817.917.8121.
