Obtaining a full estate plan can be quite a task. One of the most difficult parts of having an estate plan drafted is deciding what you want to be included. For example, do you need a power of attorney, a living will or possibly both? Plenty of Texans don’t know the difference between the two documents and that makes it harder to make an informed decision on what to include in your estate plan to fit your lifestyle.

A Power of Attorney (POA) and a Living Will actually serve two very different purposes. A POA gives a named individual the authority to make decisions on one’s behalf in the event of incapacitation. A Power of Attorney can be created for finances and for health care. When creating an estate plan, you can name one individual as the POA for health care decisions and another individual for financial decisions.

In contrast, a Living Will does not give authority to someone to take over your affairs if you become incapacitated. Rather, a Living Will is a document that provides direction. It provides information about your wishes for what health care measures your prefer.

Well, what should you do? Do you need a POA or a Living Will or both? In Texas, residents can benefit from both, however some may find that they really only need one or the other. An experience estate planning attorney can help provide clarity as to which legal document will fit your lifestyle best and help you make an informed decision on which to include in your estate plan.

Are you ready to create a personalized estate plan? Call Weldy Law at 806-928-2087 for your free initial consultation today!