With a new baby and a bright future ahead, estate planning is likely one of the last things on your mind. However, this is actually one of the most crucial times to think about what will happen when you die. You’re a provider, and you need to have a plan in place to support your dependents.

As a parent, you don’t want to leave your spouse or your child to deal with the complicated process of probate or to make decisions while grieving. The best thing you can do for your family is to plan in advance.

Key considerations for young estate planners

It may feel uncomfortable for you to think about the medical care you may need in the future. But as you start the process of estate planning, you will want to include directions for your healthcare. An advance healthcare directive lets you choose your medical care. It gives your loved ones instructions if you can no longer communicate.

Texas provides a few different documents for advance directives:

• Living will – In Texas, this is also called “Directive to Physicians and Family or Surrogates Form.” A living will contains your wishes for medical treatment. If you are unable to communicate your wishes due to illness or injury, a living will lets your family and doctors know what you want.
• Medical power of attorney – With a medical power of attorney, you choose a healthcare proxy to make healthcare decisions for you. This healthcare proxy is usually a trusted family member or friend. If you are unable to communicate, your healthcare proxy makes any medical decisions on your behalf.
• Durable power of attorney – A durable power of attorney takes responsibility for your finances if you are no longer able to communicate. You may choose the same person as your healthcare proxy. Or you can choose a separate person to be your durable power of attorney.
• Do not resuscitate (DNR) – Depending on your medical condition, you may choose to sign a DNR. This lets medical professionals know to not provide life-saving treatments like cardio-pulmonary resuscitation (CPR). You would use a DNR if you have a severe medical condition and would prefer not to linger on.

These forms can often be complex. Make sure you obtain legal advice when creating your advance directives. An attorney experienced in estate planning can make sure that you implement your plan correctly.

A will is chock-full of intensely private information. You’ll discuss all of your wishes in it, including who should oversee your finances, which assets you will pass on to whom and what to do if you should need life support at some point.

But the reason for writing these preferences is so that others will know them when the time comes. So, doesn’t it make sense to share the details of your will before you’re gone?

Wills are a matter of public record

The reason so many people enjoy the calendar flipping over to a new year is because it is a chance to try new things and make your life better for the coming year. It is also a time to do the things you have been planning to do for a while now and never got to. One of those items should be to get your estate planning started. 

Estate planning is for everyone

Estate planning is easy to put off because many believe it is only for when you die, and they hope that is a long time from now. Other people put off estate planning because they think it is only for famous people or the extremely rich. The fact is, there is something in estate planning for everybody. Estate planning can include a will, a living will, health care directives, power of attorney, trust, instructions for your funeral and who you want as a guardian for your children.

Are you confused with the term power of attorney? Did you know there are even different types of powers of attorney? The good news is there is nothing too difficult to understand or comprehend when it comes to what a power of attorney does.

A power of attorney is when you appoint another person known as an “attorney-in-fact” or “agent” to have legal authority to be in control of your affairs if you happen to become incapacitated. The person who appoints the agent is called the “principal.” The principal can decide on how much powers the agent will have. An agent may only be given the authority to make a decision on just one issue or they can handle a wide range of the principal’s financial or health matters.

Non-durable power of attorney