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Preparing for the future in advance can make a big difference in the lives of your loved ones. To ease their burden during a difficult time, carry out these three things related to your estate:
- Have a Will or Trust drafted.
- Have Powers of Attorney drafted.
- Update your beneficiary forms.
The Durable Power of Attorney, Medical Power of Attorney, and Directive to Physician are documents that are used at a time when a person may not be able to make decisions for themselves.
The estate planning attorneys of Badeaux & Associates can assist you in creating each of these documents consistent with your wishes and with Texas law.
We welcome you to read more below to see how our estate planning lawyers located in Clear Lake can help you. Or, please call (281) 486-4737 or contact us online to answer your questions!
Durable Power of Attorney
A Durable Power of Attorney is a document that allows you to give authority to another person to access your financial accounts, withdraw and transfer assets, and spend your money for your needs. It is called “durable” because it remains effective even if you become mentally incompetent.
Medical Power of Attorney
A Medical Power of Attorney is a document that allows you to give authority to another person to make health care decisions on your behalf should you be unable to make such decisions. The individual chosen to act on your behalf is referred to as an “agent.”
Directive to Physician
A Directive to Physician is commonly called a Living Will.It is a document that sets out whether a person wants life support if they have been diagnosed with a terminal illness and is incapacitated. Our estate planning attorneys, located in Clear Lake, have specific advice to give you for your Powers of Attorney and Directives to Physician.
Are Powers of Attorney or Directives to Physician valid after the death of the person who signed it?
The answer is no. After someone dies their Powers of Attorney and Directives are not valid; therefore, the agent named to act in the Power of Attorney has no legal authority. After the person dies, the agent specifically has no authority to access bank accounts, withdraw funds or transfer assets. Rather the Executor named in the Will should take over. The Executor’s powers do not begin until after the probate process is begun and the Executor signs an Oath. Learn more about the role of the Executor.
Wills and Trusts Prepared by Estate Planning Lawyers
In addition to Powers of Attorney and Directives to Physician, you should consider asking Badeaux & Associates about Wills and Trusts to assure that your wishes will be carried out, and to avoid the complications of dying without a Will or Trust. Learn more about Wills and Trusts.
Update Beneficiary Forms for IRA’s, 401(k)’s and Life Insurance
Have you reviewed your beneficiary forms lately? The value of those types of assets are typically 50% of our clients' estates, so it is important to get advice from our estate planning attorneys on how to coordinate them with your Wills or Trusts periodically, especially in the event of divorce or if your children’s circumstances have changed. Learn more about the importance of updating beneficiary forms.
To learn more, speak with our estate planning lawyers based in Clear Lake today! Call us at (281) 486-4737! Our estate planning lawyers located in Clear Lake represent individuals and families throughout Clear Lake, League City, Friendswood, Pearland, Kemah, Seabrook, Dickinson, Deer Park, Pasadena, and other surrounding cities.
