ESTATE PLANNING The Gordon Law Firm, P.C. Stephen H. Gordon - Attorney at Law San Antonio, Texas 78201

ESTATE PLANNING

Estate and health care planning are important tools in ensuring that your financial, legal and health care decisions are carried out in a manner that you deem appropriate. If you do not make these decision in advance and put them in writing, the government or other family members may end up making these decisions for you. The decisions these people make may not be what you wanted or intended. Even if you have expressed your wishes to loved ones, there is no guarantee that they will be able to carry them out if they do not have the legal authority to do so.

Despite the importance of these decisions, many people do not take the time to get their legal planning documents in order. Some may delay out of simple procrastination. Others may be confused by the process and think it will take too much time or be too costly to consult an attorney. Some try to handle the process on their own, but may be relying on forms that are out of date, unenforceable, or simply not the right ones for what they need done. Furthermore, the average person needs to understand what all their alternatives are before they can make an informed decision on what type of planning is necessary, and what forms are appropriate for their unique situation.

If done properly and with the help of a licensed professional, the process is not all that time consuming or costly. A simple will, and powers of attorney can usually be prepared for less than the cost most people spend on health or auto insurance over a six-month period. It is crucial not to delay such a decision until the day when a crisis hits and you are not in a position to actually make such decisions or have such documents prepared for you.

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There are really basic forms that the average person needs to make sure their health care, financial and inheritance decisions are carried out according to their wishes. These are outlined below:

1. Will

2. Financial Power of Attorney

3. Medical Power of Attorney

WILL - The basic document that details how your assets will be disposed of upon your death. You can specify who your heirs are; who gets what; and who is in charge of handling your estate. A trust can be added to the will to allow for gradual distribution of an inheritance to a minor.

FINANCIAL POWER OF ATTORNEY - The basic document that allows you to designate someone else to handle all your financial decisions in case you become incapacitated.

MEDICAL POWER OF ATTORNEY - The basic document that allows you to designate someone else to make crucial medical decisions for you in the event you become incapacitated and are not able to make such decisions for yourself

BASIC OVERVIEW OF FORMS

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