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A living trust is a written legal document that places your assets into a trust during your lifetime. You still have access to these assets while you’re alive. But trust assets will be transferred to designated beneficiaries at your death. A chosen representative called a successor trustee will distribute the trust. While living trusts cost more upfront than wills, a living trust saves your beneficiaries the expense and delay of probate.

An irrevocable trust is one that a grantor cannot change or alter during his or her lifetime. In addition, an irrevocable trust cannot be revoked after the trustor has died. Because irrevocable trusts cannot be moved back into the possession of a trustor, they are often more tax efficient. Irrevocable trusts often carry little to no estate taxes at all. For this reason, they are the most popular types of trusts. They transfer assets completely out of the trustor’s name and into the beneficiary’s name.

An insurance trust is a type of trust allows a trustor to combine their life insurance policy into their trust. This effectively shields insurance payouts from taxes.

Also called a will trust, testamentary trusts are agreements where a beneficiary receives assets once the trustor has passed. These trusts will detail how assets must be administered after the trustor’s death. Testamentary trusts cannot be changed or altered.

A revocable trust is a trust that can be changed, terminated or otherwise altered during trustor’s lifetime. These trusts are often set up to transfer assets outside of probate. In many of these cases, all three parts of arrangements (trustor, trustee and beneficiary) are often the same person who can manage their own assets. However, control of the trust will be given to a successor trustee and other beneficiaries upon the original trustor’s death.

Funded or unfunded trust agreements that either have funds (assets) put into them or do not. These trust can become funded at any point. Funding can occur either during life or after the death of the trustor.

Living wills do not distribute property after the death of a testator. Instead, living wills give instructions to the type of medical treatment you wish to receive if you become too ill to communicate. These types of wills decline medical treatment that only serves to postpone the moment of death. For example, a person can deny a feeding tube should they become brain dead, or other life-saving measures if they are terminally ill and death is imminent. Living wills specifically deal with deathbed issues.

Generally, living wills do not take effect until a patient meets certain conditions, such as a terminal injury or illness. However, when living wills take effect or if they are permitted depends on your state. A Texas Estate Planning Attorney can help you determine how Texas laws will affect your living will.

A durable power of attorney for health care is a document that designates a person or representative to make medical decisions for you. The document gives the representatives instructions about the kind go medical treatment you want. While living wills are limited to only deathbed concerns, durable power of attorney for healthcare covers all health care decisions. The document only lasts as long as you are incapable of making decisions for yourself. If you do not have a living will, your durable power of attorney for health care document can also include information on how you wish for them to act should death become a concern.

A qualified doctor writes a do not resuscitate order. The document instructs medical personnel not to perform CPR if you go into cardiac arrest or stop breathing. In the best situation, patients discuss creating these documents with their doctor before an emergency. There are two types of DNRs. The first is effective only while you are in the hospital and the other is in effect when you are outside of the hospital.

In addition to speaking with the patient, the doctor may also write a DNR after consulting with the durable power of attorney for health care or the patient’s family. Do not resuscitate orders are specific to CPR. These are typically part of a hospice care plan. The goal of hospice is not to prolong life, but to treat symptoms and maintain comfort.

Most states allow you to decide whether or not you want to donate your organs upon your death. In Texas, for example, you can make this decision at the DMV and have your donor status on your driver’s license.

While each state provides advance medical directive forms, the expert advice from a Texas estate planning attorney can help you determine the medical directive that is right for you. The Carlson Law Firm’s living will attorneys can assure that all of your wishes are met should the need arise. Contact us today to schedule a free consultation with a Texas estate planning attorney.