It's vital to understand the estate planning instruments available to ensure your wishes are honored, particularly if you become incapacitated. Two essential tools are the Durable Power of Attorney (DPOA) and the Medical Power of Attorney (MPOA). While both grant authority to a chosen individual to make decisions on your behalf, the DPOA and the MPOA serve very different and important functions. Durable Power of Attorney (DPOA): A DPOA is a legal document that gives a designated person, … [Read more...] about Durable Power of Attorney vs. Medical Power of Attorney: What’s the Difference?
You are likely accustomed to making decisions for yourself, from small, seemingly insignificant decisions to major decisions. What happens, however, if you suffer from a terminal illness or a catastrophic accident that leaves you incapacitated and unable to make decisions for yourself? If that does come to pass, the only way you can be sure your wishes will be followed is if you executed an Advanced Directive that covers the situation. Advanced Directives are legal documents that allow you to … [Read more...] about Advanced Directives – Do You Need One?
Deciding when a parent needs a guardian is never an easy decision to make. If you fail to step in, however, your parent could be physically injured or financially victimized by unscrupulous individuals who prey on the elderly. For these reasons, it is best to be proactive if you suspect that a parent’s physical or mental health has deteriorated to the point where a guardian may be needed. The average American lives much longer now than was the case a century ago. Living longer, however, doesn’t … [Read more...] about How Do I Know When My Parent Needs A Guardian?
Estate planning is something the many people put off. In fact, surveys show that less than half of all Americans have an estate plan in place. Even fewer have a comprehensive estate plan that includes an incapacity plan. People put off creating an estate plan for a variety of reasons. Many of those same reasons are given when asked why an individual does not have an incapacity plan in place. At the top of the list of explanations are “I don’t need one”, “I don’t want to dwell on my … [Read more...] about Incapacity Planning – 5 Important Reasons Why You Need an Incapacity Plan
When incapacity strikes it can cause a number of practical problems in addition to the emotional toll it takes on family and loved ones. If the incapacitated individual failed to create an incapacity plan, deciding how to manage property and acquiring the legal authority to do so can be complicated and time consuming. Understanding what options you have for property management upon incapacity is a good place to start if you suddenly find yourself in this position. When most people think of … [Read more...] about Alternatives for Property Management upon Incapacity
Creating a comprehensive estate plan typically means creating and executing much more than just a Last Will and Testament. Exactly which additional documents will become part of your estate plan will depend on individual circumstances, goals, and concerns. Having said that, however, there are some estate planning documents that are commonly added to an overall estate plan. One of those is a durable power of attorney. Of course, you should consult with your estate planning attorney before … [Read more...] about Should I Have a Durable Power of Attorney in Houston Texas?
A well drafted estate plan should be able to accomplish a variety of goals as well as incorporating numerous objectives into the plan. Of course, deciding how your estate assets will be distributed upon your death remains the primary goal of any estate plan; however, your plan may also include additional components such as an incapacity plan. In order to understand why including an incapacity plan is such a good idea we need to first answer the question "what is incapacity?" If you are like … [Read more...] about What Is Incapacity?
Statistics tell us that one out of every three adults who makes it to the age of 65 will suffer from some type of dementia related disease or condition. If your parent, or other elderly family member, becomes one of these statistics you may find yourself in a difficult position. Stepping in and seeking legal control over your loved one may seem like you are taking away his or her independence; however, failing to step in could lead to tragedy. Knowing what a guardian or conservator in Texas can … [Read more...] about What is a Guardian or Conservator in Texas?
Texas Incapacity Planning from Steve P. Mendel An incapacity plan includes the legal framework necessary to grant one or more people the authority to make decisions for you and/or to manage your property and finances in the event you are unable to do so yourself. Learn more about Texas incapacity planning in this presentation. … [Read more...] about Texas Incapacity Planning
Studies tell us that as many as half of all Americans do not have a comprehensive estate plan in place. If you are one of them, there are reasons aside from the possibility of your death that should prompt you to finally create your plan. What happens, for example, if a tragic accident leaves you incapacitated tomorrow? Who will make decisions regarding your medical care and treatment? Who will manage your finances and assets? Without an incapacity plan within your overall estate plan the … [Read more...] about Free Report: Incapacity Planning