Page 72 - Senior Link Magazine Fall 2023 - Online Magazine
P. 72
SENIOR RESOURCES
NOW IS ALWAYS A GOOD TIME
FOR BASIC
estate
planning
by Lee Franks
here is never a shortage of happen, and how old you are, what you still own at the time
excuses you can use to put how fit you are, or whatever else of death. It generally does not
Toff completing a will as well you may have in your favor may include property that passes
as other important documents— not matter. automatically by survivorship
expense, uncertainty, the instinct rights or beneficiary designations.
to avoid contemplating your Estate planning needs vary You should know, however, that
own mortality, and plenty of depending on individual needs, even a valid will has no legal
other “reasons.” But, in fact, personal wealth, and other effect at all until you die AND
not having basic estate planning factors, but most competent the will has been probated, or
timely done can create expensive adults, in Texas anyway, should, proven, by a court. Until then, it
and unavoidable problems later. at least, have a will, financial may be informative, but it does
Basic estate planning includes power of attorney, medical power not accomplish anything.
more than just identifying and of attorney, HIPAA Release and
working through your financial Authorization, and Directive With a financial power of
and retirement issues and final to Physicians and Family or attorney, for example a Texas’s
distribution matters; it also Surrogates (Texas’s version of a Statutory Durable Power of
addresses who can manage living will). Attorney, the person signing the
financial and medical affairs document, the principal, gives
immediately in case of your A properly executed will enables to another person, the agent, the
incapacity or even just for your the distribution of your probate power or authority to manage the
convenience. Although we do not estate when you die. Your probate principal’s financial affairs. You
like to think in these terms, things estate can be defined loosely as may be aware that “servant” is
72 Lubbock Senior Link
