Estate planning is a very broad term in Tulia, Texas, referring to a person's arrangements on issues that affect them and their family toward the end of their life. These might contain instructions for end-of-life care, as well as drafting a will or other document with the intent of disposing of one's property after their death.
The creation of a will (the document laying out what is to be done with your property after your death) is an essential element of an estate plan, but it is typically not the only element. There are many other important things that most estate plans should include.
Besides a will, a quality estate plan will contain a living will, which gives your doctors and relatives directions regarding your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
Perhaps most especially, your estate plan should make arrangements for the care and custody of your minor children, if you have any. Of course, you should discuss this matter with the person you intend to take custody of the children beforehand, to ensure that they are able and willing to provide proper care.
What Type of Estate Plan Do I Need in Tulia, Texas?
The answer to this question varies on your individual needs, your priorities, your health, and the size and nature of your estate.
If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.
If you are unmarried, but have a life partner in Tulia, Texas, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a case, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also precisely include your partner (if you wish for them to inherit any of your assets).
There is another considerable group of people who would benefit from having a good Tulia, Texas estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily includes facing some uncomfortable realities, it is important and unavoidable.
Do I Need a Tulia, Texas Estate Planning Attorney?
Because estate planning can be a confusing process, the expertise of a good lawyer in Tulia, Texas who specializes in wills, trusts, and estates can make the process a great deal easier.