Caring for your family takes many different forms; including, preparing for eventualities when you might be incapable of caring for yourself. Powers of attorneys are the first step to that preparation. Along with durable power of attorney Texas offers three additional types of POAs.
What is a POA?
Powers of Attorneys legally appoint an individual to act in your best interest should you become incapacitated. The person who creates the POA is the principal. The person who acts on behalf of the principal is the agent. Since the agent is given certain powers regarding your interests and safety while acting in your name, it’s important to appoint someone you love and trust to do so. Generally, a power of attorney entrusts the agent the power to:
- Consent to healthcare needs, including consent to giving, withholding, or withdrawing medical services, treatments, or diagnostic procedures
- Recommend a guardian
- Make financial decisions
- Give gifts of money
As mentioned, there are 4 POAs possible in Texas, including:
- General Power of Attorney
- Durable Power of Attorney Texas
- Special or Limited Power of Attorney
- Springing Durable Power of Attorney
General Power of Attorney
An agent given this power has broad authorizations to act in the principal’s name, such as managing personal finances, legal choices, and medical decisions. The power is terminated when the principal becomes incapacitated, revokes the power of attorney, or passes away. Upon death, other estate planning documents (generally a Last Will or Trust) take precedence.
Durable Power of Attorney Texas
Generally, a durable POA is the most sought after because it grants the agent power to act in your interest even if you become incapacitated, unlike a general POA. It is dubbed ‘durable’ because it is just that, durable.
Special or Limited Power of Attorney
This document narrows what choices your agent can make in your interest. If so desired, a principal can make several different special POAs, appointing different agents for each with independent powers. For example, you may want to appoint your spouse as your medical agent and appoint your business partner agency to care for the business. Special powers of attorneys allow you more specificity.
Springing Durable Power of Attorney
POAs can become effective immediately or may spring into effect if/when the principal becomes incapacitated. With a springing durable power of attorney, Texas allows you to define the disability that would cause the durable power of attorney to take effect. However, if a disability isn’t defined when a physician certifies you are incapable of managing your affairs, the durable power of attorney springs into effect.
Plan Your Estate
Preparing your estate for the inevitable is one of the kindest acts you can give to your family. Our estate planning attorneys are happy to assist you with this gift. Give us a call to schedule your free consultation, and we’ll begin preparing your powers of attorneys.
To find out how we can help you, contact our Austin Estate Planning Attorney at 512-400-7070 for Durable Power of Attorney Texas. We will schedule an initial client consultation to review your estate planning details and lay out a structure for your will. AZ Law Firm will draft the necessary documents to secure your loved ones’ future.
We understand times are tough and that there probably hasn’t been a tougher time in your life. Although we could get away with charging exuberant amounts, we prefer not to as we are a law firm by the people, for the people. We do not want you to worry about whether you can afford to hire an attorney to protect and defend your rights. Call us and be surprised at the quality you receive compared to what other law firms will quote you!
Accordingly, the attorneys at AZ Law Firm will always provide you with a free initial consultation. During this initial consultation, our estate planning lawyers will evaluate your case, inform you of any legal options that may be available, and allow you to ask any questions that you may have. AZ Law Firm offers affordable rates for all our clients and will work with you on payment plans. Our firm accepts checks, debit cards, and most major credit cards to cover the costs of your legal representation.
