5 Important Legal Documents That You Require For Your Parents In Houston
The possession of these documents guarantees that you are able to offer assistance to your parents in a financial or medical emergency. They also help with the distribution of their assets in the event of their deaths.
1. A Medical Directive
This document stipulates the type of care that your parents are inclined to and want to receive in case they become incapacitated or unwell. A medical directive is also referred to as an advance healthcare directive or a living will. The protection of one’s healthcare wishes can be expressed by an advance healthcare directive. It acts as the main legal tool that expresses one’s wishes when he or she is unable to do so. The application of this tool takes center stage when one cannot communicate. This can either be in life-threatening situations or not; and for whatever time required.
2. A Durable Power Of Attorney For HIPAA Release And Healthcare
You can make healthcare decisions on behalf of your parents through a durable power of attorney for healthcare. Accessing the health records of your parents is granted by a HIPAA release. It also grants you access to their physicians.
Data security and privacy provisions that safeguard the medical information of patients in the United States are legislated by the Health Insurance Portability and Accountability Act of 1996 (HIPAA). Ransomware attacks and cyberattacks that have led to health data breaches within recent years. This has led to the emergence of this law into greater prominence. These attacks have targeted health providers and insurers.
3. A Durable Power Of Attorney For Finances
This document gives power to an individual to take control of one’s financial affairs. A power of attorney for finances may also appoint an institution such as a trusted company or a bank to manage such finances. This document can also be used to make your parent’s lives easier, for instance, or their loved ones. They can still be able to make decisions and handle matters pertaining to their finances by themselves. It can also be used to manage their financial matters where they are unable to do them by themselves.
4. A Revocable Living Trust
This document facilitates the transfer of assets to heirs. Control over assets is however retained by your parents. Property that goes into the trust such as investments, homes, and jewelry is designated by your parents. This also includes who it will be given to. Your parents will still manage their own living trust during their lifetimes. An important advantage when it comes to a revocable living trust is that probate is avoided when their deaths happen.
5. A Will
This document clearly stipulates the receivers of the personal property and assets of your parents. A will that is properly written helps to do away with any disagreements. Good estate planning helps to ensure that the intended recipients of financial assets benefit. This is regardless of how much or little the assets are worth. It makes sure that they are received easily, cheaply and as quick as possible.