The Woodlands, TX estates & probate attorney James H. Stilwell discusses the basic documents you need to have in place for your estate plan. Most individuals require a document to articulate their future intentions. Typically, the initial thought that comes to mind is a will; however, a trust is sometimes considered as an alternative. The first step typically involves either a will or a trust.

Beyond these options, one must also consider documents geared towards planning for unforeseen circumstances during one’s lifetime. For instance, in the event of illness or incapacity, individuals require a health care power of attorney to make crucial medical decisions on their behalf. Similarly, for decisions unrelated to health care, a statutory durable power of attorney becomes essential. This comprehensive document empowers an appointed individual to act on the person’s behalf in various matters, mirroring what they themselves could do if they were in a condition to do so.

Moreover, when individuals have minor children, they should be advised to execute a guardianship document. This legal instrument designates a guardian in the event the parents become unable to fulfill their parental responsibilities.

Furthermore, discussions often encompass beneficiary designations to ensure that, in conjunction with a will or trust, assets marked with beneficiary designations are allocated according to the individual’s intended wishes.