Every good Texas estate plan consists of several components. First, a Last Will and Testament will lay out in detail the manner in which a person’s estate should be adminstered after he or she passes away. For instance, it will specify who will be in charge of the administration of the estate (known as the “Executor“), as well as the level of control that the Executor should have over the administration of the estate. In the case of larger estates, the terms of the will should also be coordinated with other assets, such as life insurance and retirement plans, to ensure that those assets pass through the will in order to take advantage of income tax planning as well as for estate and generation skipping tax purposes.
In addition to a will, every comprehensive estate plan should include documents that are drafted in a way that ensure that your wishes are carried out by the person or persons you choose to represent your best interests in a time of incapacity or emergency. These documents include a Durable Power of Attorney, Medical Power of Attorney, and Directive to Physicians (also known as a “living will”). To learn more about these and other estate planning documents, select a link below.