Willie Elder Law in Austin concentrating in Estate Planning, Medicaid, Medicare, and Veteran’s Assistance. Email bwillie@WillieElderLaw.com  or call (512) 478-0834.

WHAT OTHER ESTATE PLANNING DOCUMENTS SHOULD I HAVE?

Critically important to any good estate plan are power of attorney documents.  There are two such documents. One is a Durable Power of Attorney for financial decision making. The other is a Medical Power of Attorney for medical decision making.

In each of these documents, you name an agent to act on your behalf to make decisions should you become incapacitated.

For example, let’s assume that you developed Alzheimer’s Disease, and could no longer make decisions for yourself. These documents would allow someone you have named to act on your behalf as your agent to make decisions for you. 

These documents are particularly important, because without them, a court would have to name a conservator to act for you.  As discussed above, a conservatorship is a very long, drawn out process, with substantial court intervention and frequent reporting required.  It can be very expensive. 

Of course, these documents are no substitute for a living trust, which controls your property upon your death.