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In basic terms, planning for an estate mainly involves setting up for the possibility of incapacitation as well as for certain death. It is the best legal way of protecting your properties and assets from probate and taxes. It also plays a very important role in providing enough funds for your loved ones whom you will be leaving behind in the future.
Should you become mentally or physically incapacitated, then you will most probably need to two basic legal documents in place—one that can take care of your personal affairs and one that can take care of your finances. If you don’t have these two basic documents, then your assets including yourself might end up with a court supervised conservatorship or guardianship.
An Advance Medical Directive is a type of legal document which is very crucial in delegating your personal decisions. This particular document can be also termed as Designation of Health Care Surrogate or Medical Power of Attorney in some other states. It provides authority to a specific person of your choosing to make all the necessary medical decisions on your behalf if you are permanently or temporarily unable to do so.
The Financial Power of Attorney is another type of legal document which is just as important as the latter. It provides authority over the person of your choice to make all the necessary financial decisions on your become incapacitated thus unable to make the right decisions by yourself. If this power of attorney is the durable kind, this means that the person you have provided the authority with will have the immediate ability to manage and take care of your properties indefinitely once you have been determined to be incapacitated by a qualified physician. Of the power of attorney is springing and not a durable one, then this means that the person of your choosing may not be able to take care of your assets immediately once your have been declared to be incapacitated.
You will also need at least two basic plans for your estate upon your death—one that can ensure that all your debts will be paid in due time and one that will name the heirs for the remainder of your assets. The Last Will and Testament and the Revocable Living Trust are two basic documents that you will need to name your heirs and to avoid the dreaded probate.
When creating a solid and comprehensive plan, then you will need to hire the expertise of the estate planner Austin. They are professional lawyers who specialize in the field of estate planning. Should you decide to plan for your future, then make an appointment with your estate planner Austin now. Their lawyers and accountants should be ready to help you with all your needs and concerns.
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