There are many steps involved with ensuring that a person has created the right estate plan. In addition to actually going through the estate planning process, it may be important for individuals to share their plans with their family members. A lack of information among family could potentially result in unnecessary complications.
Texas residents may be interested in a situation that took place in another area. It was recently reported that a man was attempting to deal with the issues that had come about since his father had been admitted to a nursing home due to mental deterioration. The man was trying to use his father’s funds in order to pay for the care, but the man did not have access to the account. He thought he could simply sign a power of attorney document himself to gain access, but that is not how it works.
A person must appoint a power of attorney agent before the need for one arises. If that is not the case, children or other concerned individuals may need to seek guardianship. through the courts. In this case, the man later discovered that his father had actually already created a power of attorney document, which presumably prevented unnecessary legal steps.
The individual in this case faced complications for a number of reasons. For one, he did not understand certain estate planning tools himself, and for another, his father had not shared the contents of his plan. Texas residents looking to avoid this type of situation may wish to ensure that they first plan ahead in order to ensure that their affairs will be in order and to speak with their loved ones about their wishes.
Source: nwitimes.com, “Estate Planning: Create the plan before you need it“, Christopher Yugo, Jan. 14, 2018