Life is anything but predictable - which is why estate planning is important for individuals of any age. A power of attorney (POA) document allows you to designate a trusted individual to make decisions on your behalf should you become incapacitated.

When selecting an individual to serve as your power of attorney, it is essential to choose someone you can trust with the responsibility and authority that comes with the role. To help ensure you make an informed decision, consider the following five questions.

Can This Person Handle the Responsibilities that Come With Being a Power of Attorney?

Serving as a power of attorney means making significant decisions and taking on important financial responsibilities. The person you select should be able to handle the potential challenges that come with the role. Ask yourself if this person has the skills to make sound decisions and handle the legal and financial aspects of managing your affairs.

Giving money to charity is a great way to leave a legacy and help others in need. Incorporating charitable giving into your Texas estate plan can have several significant benefits, both for you and the organizations that will receive your support. In some cases, thoughtful philanthropic planning can also reduce the amount of tax due on your estate.

When it comes to estate planning in Texas, there are several ways to incorporate charitable giving into your plan. Some of the most common methods include creating a charitable trust, donating through an estate plan beneficiary designation, and making a bequest in your will.

Exploring the Benefits of Charitable Trusts

A charitable trust is a legal document that establishes an account funded by your assets and held for the benefit of one or more charities. Charitable trusts allow you to donate a large sum of money to the organization(s) of your choice and receive significant tax benefits, as well as the satisfaction that comes with supporting the causes you believe in.

As the term "Autism Spectrum Disorder" implies, autism exists on a spectrum. Some individuals with autism may require minimal support, while others require substantial assistance with decision-making and everyday life activities. If you have a child with autism, a special needs trust (SNT) is an important tool that can help ensure their financial security into adulthood.

A special needs trust allows you to set aside funds that are used exclusively for the benefit of your child without impacting his or her eligibility for government benefits. This blog will explain the fundamentals of a special needs trust as well as the unique benefits it may provide to families with autistic children. 

Basics of a Special Needs Trust 

A trust is a legal document that defines how assets are to be managed and distributed. A special needs trust is specifically designed for individuals with disabilities, such as autism, who receive government benefits like Supplemental Security Income (SSI). 

Executing a will or creating a trust is not the end of estate planning. You may have created these documents years ago, or even decades ago. You may not even know where your original copies are anymore. If it has been a long time since you visited your estate plans, it may be time to dust them off and review them to make sure the plan you have on paper is still the plan you want. Additionally, laws change over time. A higher court ruling could have affected the way your documents will be interpreted since you made them. It is wise to have your estate plans periodically reviewed by a lawyer - and to periodically look over them yourself. 

When to Revisit Your Estate Plans

If you have experienced any of these life changes, you may want to review and possibly edit your estate plans: 

• Moving - If you changed apartments across town, you probably do not need to worry. However, if you sold your house and bought a new one, or you moved across state lines, then you will definitely want to take a look. Your old plan may specifically reference the address of a house you no longer own. Plus, state laws regarding estate planning can vary wildly. 

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In a previous blog, we discussed incapacity planning. Incapacity planning is an important part of estate planning that involves planning for your own future care. The other part of estate planning - testamentary planning - is exactly what people think of when they hear the term “estate planning.” Testamentary planning is deciding during your lifetime who will receive your property when you pass away. 

The two main ways to accomplish this are through trusts and wills. Some people choose one or the other, and others use both. Which one will work better for you depends on a number of factors, such as the size of your estate and who your beneficiaries are. Our attorneys can work with you and help you determine which documents you need in your testamentary estate plan. 

Factors to Consider When Choosing Between a Will or a Trust

Each estate, each family, and each testator are unique. You will need to think about what your personal priorities are in estate planning. A few things to think about include: