Helping You Plan for the Future
A common misconception is that estate planning is only for the wealthy. The truth is that everyone should have a plan detailing their wishes regarding the distribution of their assets upon death, temporary or permanent incapacity and the future of their minor children if they are unable to care for them.
Establishing your estate plan while you are still healthy gives you the power to decide how you want your affairs handled if you are unable to handle them yourself. Without a plan, the decision-making power rests with other people who may or may not have your best interests at heart.
Tailored Estate Plans
When you come to the Law Office of Ruth Brock, I will visit with you and consider your overall estate (all of your property that you own or may inherit) in light of your needs and desires. I will take the time to listen to you and create a customized estate plan based on your wishes and objectives. I do not believe in a "one size fits all" estate plan. To ensure all areas of your estate plan are covered, I can work with your financial advisor, accountant or other trusted advisor.
A basic estate plan that everyone should consider includes:
- Last Will and Testament
- Durable Power of Attorney
- Medical (or Health Care) Power of Attorney
- Directive to Physicians (also known as Living Will)
- HIPAA Authorization (Health Insurance Portability and Accountability Act of 1996)
Depending on your unique circumstances, other documents may be appropriate, such as:
- Living trust (revocable inter vivos (living) trust)
- Declaration of Guardian in the Event of Later Incapacity or Need of Guardian
- Declaration of Appointment of Guardian for My Children in the Event of my Death or Incapacity
- Appointment of Agent to Control Disposition of Remains
- Survivorship Agreement
As your legal advocate, I will review your situation, advise you of your options and create a tailored estate plan to accomplish all of your estate planning goals.
Last Will and Testament
A Will is a legal declaration of your wishes regarding the disposition of your real and personal property after your death. In Texas, a Will can:
- Appoint a guardian for your minor children
- State your wishes for the disposition of your remains
- Establish a trust for your intended beneficiaries, such as a spouse, minor children, a parent or a special needs individual
- Authorize a money-saving "independent" probate estate administration
- Waive the requirement of a bond by your executor
I can customize a Will to suit your specific needs, whatever they may be.
Durable Power of Attorney (DPOA)
In a DPOA, you give someone the authority to conduct your financial affairs on your behalf. It gives your agent, subject to the limits you establish, authority to manage your property. A powerful and important document, the DPOA is either effective the moment it is signed or when you become incapacitated.
You can give your agent the power to sign checks for you, sign your tax return, sell your home, change beneficiary designations of retirement plans and life insurance policies, fund a living trust and more. However, it is important to give these powers to your agent while you have the mental capacity to do so. This helps avoid the need for the appointment of a guardian in the event of incapacity, which can be an expensive, unpredictable and time-consuming process.
As your attorney, I will help you determine what powers are best to give to your agent and when to give him or her such powers.
Medical Power of Attorney (MPOA)
In an MPOA (also known as a Health Care Power of Attorney), you give your agent the power to make your health care decisions when you are unable to communicate your own wishes. It is common for your personal physician or hospital to ask for a copy of your MPOA before you are admitted to the hospital or for outpatient surgery. However, it's also important in emergency situations when you may not be with your personal physician.
At the Law Office of Ruth Brock, I will educate and counsel you regarding your decision.
Directive to Physicians
The Directive to Physicians (or Living Will) is probably the most difficult and emotionally charged estate planning document an individual can sign. In Texas, this document expresses your wishes about whether you do or do not want life-sustaining treatment if you are in a "terminable condition" or an "irreversible condition".
The Directive does not authorize anyone to act on your behalf or make decisions the way a MPOA would. Instead, it is a document in which you express your wishes to your family and physicians about life-sustaining treatment.
If you have ever had to make a decision to "pull the plug" on a family member's life support without the advantage of prior discussions on that subject, you may have questioned whether you made the right decision. You can help reduce your family member's anxiety by stating your treatment preferences in your living will.
If you have a medical condition for which you are receiving specific medical treatment, I can customize your living will to state whether you do or do not want to continue receiving that specific medical treatment if you have a terminal or irreversible condition.
HIPAA Authorization under 45 C.F.R. Sec. 164.508
The HIPAA Authorization (Health Insurance Portability and Accountability Act of 1996) authorizes your health care providers to disclose your health care information to the persons you have listed on your HIPAA Authorization form.
HIPAA is essentially a privacy law, passed to help safeguard your private health care information. Without a signed HIPAA Authorization, your health care provider cannot discuss your health information with other individuals.
Typically, the persons named on your HIPAA Authorization are the persons named on your Medical Power of Attorney and any other family members or friends that you want to have access to your health care information.
Experienced Estate Planning Lawyer
When you are ready to discuss your estate with a Flower Mound estate planning attorney, I invite you to contact me online or call 972-353-3400 to schedule an initial consultation.
