Most Important Legal Documents Every Texas Resident Should Have
When it comes to your property and assets, there are certain laws and procedures in place. Read here to learn the legal documents every Texan should have.
Are you prepared for the unexpected? Odds are, you most likely are not. As we get older in age, we start to gain a new perspective on what is really important in our everyday lives. This means it is time to start thinking about the future and working towards protecting your property, assets, and leaving something for our family after you pass away.
The best way to do this is to work with an experienced Edinburg personal injury lawyer who can help you prepare a variety of important legal documents, which include the following:
A living will is a document that explains your wishes regarding being put on life support should you go into a vegetative state or become terminally ill and will be passing away shortly. This legal document goes into great detail about your preferences regarding the following:
- Preferences for tube feeding
- Artificial hydration
- Pain medication
- And more
A living will is enforceable only when you are unable to communicate your wishes on your own.
A living trust is a document through which your assets are put into a trust for your heirs or beneficiaries during your lifetime and then transferred to them after your death. This also allows you to avoid the complicated and drawn-out probate process of having your property and assets distributed for you after you die.
In the event that you become incapacitated, who will make important medical decisions for you? This is where a health-care proxy comes in. So, what exactly is a health-care proxy? A healthcare proxy is someone that you can appoint to act as your agent for medical decisions.
It is especially important to appoint a health-care proxy if you and your family disagree about your medical treatment decisions. If there is no health-care proxy appointed, a doctor may be obliged to come up with a medical treatment plan that you may have refused had you not been incapacitated.
It is vital to note that this only takes effect when medical treatment is required, and a healthcare professional determines that you are unable to communicate your wishes regarding treatment options. If you are eventually able to communicate your desires, your wishes will be adhered to and the health-care proxy will no longer be in effect.
If you do not want the state of Texas to decide what happens to your property and assets after you die, it is vital to have a will. If you do not have a will in place when you pass away, a judge will appoint someone that you don’t trust to distribute your assets.
It should be noted that a will and a living will are different and that with a will in place, you can assure that your wishes are going to be followed after you pass on. Because the estate laws in Texas can be complicated, it is best to work with a skilled attorney to ensure that your will is done correctly.
Durable Power Of Attorney
This form authorizes someone of your choosing to make financial and legal decisions on your behalf should you ever become incapacitated. A durable power of attorney can come into play whether you are unconscious for just a few weeks or are in a vegetative state. This legal document can be used if you are in the process of selling a home or were dealing with credit card companies before you became incapacitated.
Those who are wealthy are not the only people who should work with an attorney for setting up an estate plan. If you want to leave anything to your heirs after you pass, you must set up an estate plan to structure and arrange your assets.
Home Or Renter’s Insurance
If you own a home and do not have homeowner’s insurance, you need to purchase a policy as soon as possible. If you already have a homeowner’s insurance policy in place, make sure to check on it every year or two to make sure that the amount of coverage you have is still reasonable.
If you rent your place of living, you might not realize that you can and should purchase renter’s insurance. Renter’s insurance is a group of coverages that protect you and your belongings in the event your home is flooded, robbed, or other situations.
As more people in the United States are increasingly using credit cards, it is very important to make sure that you have a good credit history. This involves checking your credit report at least once a year.
Sometimes credit reports can contain errors and it is a smart idea to get these mistakes fixed as soon as you can. If your credit report is inaccurate, you could lose out on a great interest rate for a mortgage or auto loan, costing you thousands of extra dollars in the long run.
In this day and age, too many people are neglecting to have a retirement plan in place. Not only is this important because it allows you to figure out what you want for your future, while also helping you identify your sources of income and expenses while helping you establish your retirement budget. What most people do not realize is that we all have a fighting chance at building a happy retirement, we just have to start our planning and action steps now.
Contact An Award-Winning Law Firm In Edinburg, TX To Learn More
If you are interested in gathering any of the above legal documents, it is best to speak with a qualified and experienced team of top attorneys to properly guide you through the complicated legal process.
The state of Texas has a lot of different laws and procedures in place and it is best to have a skilled lawyer on your side to ensure that everything goes smoothly. A top attorney can provide an educated and unbiased perspective, while also helping you find additional tax and financial benefits.