Every typical family should have a Will or make plans to transfer assets outside the probate process at time of death. Certain assets can be transferred to heirs without the need to have a Will. If you find this an attractive way to manage your estate, this method requires planning and diligence on your part just drafting a Will.
Every family of special needs must have a Will or trust drafted to protect vulnerable family members.
Every family of special needs must have a will or trust drafted to protect family members who need to keep benefits. Otherwise, the consequences can be very harsh such as permanent loss of life-long benefits for the disabled person in the family. The family of special needs will definitely require the use of special needs trusts.
Most people do not like to talk about death and dying, but most people also enjoy knowing that they have protected their family by establishing an estate plan. When you provide your family with a Will, you decide who manages the transition of your estate to the next generation, you protect those persons who need protection, and you choose an orderly process which benefits your family.
Avoid Intestate Succession
Without a Will in place, the State of Texas has a plan for your estate called Intestate Succession. Under this “plan,” you do not choose who manages your estate, who inherits your estate, or who is protected from inheriting your estate, in the case of a disabled family member.
Powers of Attorney and Directives
Part of the estate planning process covers your plans for incapacity. Lisabeth Mims encourages everyone over the age of 18 to sign and keep current a Medical Power of Attorney, HIPAA form, Statutory Durable Power of Attorney, and Physician’s Directive (Living Will). Properly executed directives permit you to choose your care plan in the event of your incapacity. Otherwise, the Courts will choose your care plan for you.