Power of Attorney in Burleson &
A sound estate plan often includes a power of attorney document.
Putting a power of attorney in place or establishing a healthcare directive in your estate plan enables a representative of your choice to make financial or health care decisions on your behalf if you are unable to do so for yourself.
In Texas, when discussing power of attorney, we are commonly referring to two different kinds of powers of attorney: a medical power of attorney and a statutory durable power of attorney.
Medical Power of Attorney
A medical power of attorney allows you to designate another person to make health care decisions on your behalf if you become incapacitated. Typically, when executing a medical power of attorney, you will also complete a living will or advance directive. A living will addresses complicated issues. It allows you to make certain medical decisions in advance, taking the decision making burden off the shoulders of your family and loved ones.
Statutory Durable Power of Attorney
A statutory durable power of attorney allows you to designate another person to make financial decisions on your behalf if you become unable to do so. That designated person can typically make a wide array of financial decisions for your benefit if you are incapacitated, including but not limited to: filing your taxes, handling your assets, and paying your bills.
Who Can Create a Power of Attorney?
Any person that is at least 18 years of age is able to create a power of attorney. However, there are a few legal requirements:
- The person executing the POA must be of sound mind
- It must be filed with the clerk of the county where your property is located (if you are entrusting this person with your real estate transactions)
- The POA must be signed, dated, and notarized in front of a notary
- It must include one of two statements:
- “This power of attorney is not affected by subsequent disability or incapacity of the principal.” This enables immediate authority and classifies your record as a durable power of attorney
- “This power of attorney becomes effective on the disability or incapacity of the principal.” This also classifies your record as a durable power of attorney, but the authority will not be given until you or your loved one becomes disabled or incapacitated
Limitations
A power of attorney can also end or be revoked. Instances where a POA would end include:
- If the document has an ending date
- If you become incapacitated (and the POA is not a durable one)
- If you revoke it
- If revoking a POA, you are responsible for informing your agent or caretaker that you are revoking the power of attorney
- Preparing a sworn written statement is highly suggested
- You must also be mentally sound in order to revoke a POA
- If a guardian is appointed
- If you pass away
Put a Power of Attorney in Place with Lovelace Law
Planning for your future needs is crucial to protect your assets and save your family from making difficult choices. At Lovelace Law, P.C. we are experienced in drafting powers of attorney and living wills. We will take the time to listen to your needs, review all of your options, and help you understand the legal ramifications of your choices.
Frequently Asked Questions
What is a Power of Attorney (POA)?
A Power of Attorney (POA) is a legal document that grants one person (the agent) the authority to act on behalf of another person (the principal) in legal or financial matters.
What are the different types of Power of Attorney?
There are several types of POA, including General Power of Attorney, Durable Power of Attorney, Limited Power of Attorney, and Medical Power of Attorney. Each type grants different levels of authority to the agent.
When does a Power of Attorney take effect?
A POA can take effect immediately upon signing or at a future date specified by the principal. A “springing” POA only takes effect under certain conditions, such as the principal’s incapacity.
What can a Power of Attorney be used for in Texas?
In Texas, a POA can be used for a variety of purposes, including managing financial transactions, handling real estate matters, making healthcare decisions, and managing digital assets.
Can a Power of Attorney be revoked?
Yes, a POA can be revoked at any time by the principal as long as they are mentally competent. Revocation must be done in writing and communicated to the agent and any relevant institutions.
How do I choose an agent for my Power of Attorney?
Choose someone you trust implicitly, such as a close family member or friend, who is capable of managing your affairs responsibly and ethically.
Does a Power of Attorney need to be notarized in Texas?
Yes, in Texas, a POA must be notarized to be legally binding. Some POAs may also require the signatures of witnesses.
What happens if I become incapacitated without a Power of Attorney?
If you become incapacitated without a POA, the court may appoint a guardian to manage your affairs, which can be a lengthy and costly process.
Can I have more than one agent in a Power of Attorney?
Yes, you can appoint multiple agents in a POA. You can specify whether they must act jointly or can act independently.
What is a Durable Power of Attorney?
A Durable Power of Attorney remains in effect even if the principal becomes incapacitated, ensuring that the agent can continue to act on the principal’s behalf.
How does a Medical Power of Attorney work?
A Medical Power of Attorney grants your agent the authority to make healthcare decisions on your behalf if you are unable to do so. This can include decisions about treatments, surgeries, and end-of-life care.
Can a Power of Attorney be used to manage digital assets?
Yes, a POA can grant your agent the authority to manage your digital assets, including email accounts, social media accounts, and online banking.
How do I create a Power of Attorney in Texas?
To create a POA in Texas, you must complete a POA form, sign it in the presence of a notary, and ensure that it meets all state legal requirements. Consulting with a lawyer is highly recommended to ensure accuracy and compliance.
What should I do if there are issues or disputes regarding the Power of Attorney?**
If there are any issues or disputes regarding a POA, it is best to consult with a legal professional who can provide guidance and help resolve the matter.
For more detailed information or to set up a consultation, please contact our office. Our experienced Lovelace Law attorneys are here to help you navigate the complexities of Power of Attorney and ensure your interests are protected.
Contact us Regarding Power of Attorney in Burleson and Fort Worth.
Contact Lovelace Law, P.C. today with any questions you may have about powers of attorney. Your initial consultation with us is free of charge. Call us at 817-953-9656.