A power of attorney (POA) is an estate planning document in Texas where you appoint a person, known as the agent, to help manage your affairs. Often, it is used to manage financial or medical matters when you cannot do so yourself because you are incapacitated by illness or injury.
People are often confused, however, as to when and which type of POA is needed. At Adams, King, & Smith, our estate planning attorney in Longview will listen to your concerns and needs, review your estate, and advise you on Powers of Attorney and what might be best for you and your unique situation. Contact us at (903) 757-3331 to schedule a FREE CONSULTATION FOR WILLS, PROBATE OF A WILL, OR ESTATE PLANNING TO INCLUDE TRUSTS and POWERS OF ATTORNEY and learn more about how and why a power of attorney is an important part of your estate plan.
What Constitutes a Power of Attorney in Texas?
A power of attorney is the legal authorization for one person, the agent, to act on behalf of another person (for example you), the principal.
They are often an essential part of estate planning as they give legal authority to a trusted person to help with important legal or medical matters. They are especially important when the principal (you perhaps) cannot, typically because of mental or physical incapacity.
There are several types of POAs, some of which are described below.
1. Durable POA
A durable POA can take effect immediately upon your signature or at a later date, and allows your agent to continue acting on your behalf even when you are incapacitated. A durable POA terminates only when you die or have set a termination date, or when you revoke the POA. It may grant broad powers to the agent to act on financial, business, real estate, and legal matters, or it may be limited to only one or a few powers. This POA is limited only by the terms set out in the POA or by any relevant state statute.
2. Non-durable POA
A non-durable POA can take effect immediately upon your signature or at a later date. It does not allow your agent to continue acting on your behalf when you become incapacitated. In the latter scenario, it could require a court-appointed guardian to take legal action on your behalf.
3. Medical POA
A medical POA is sometimes referred to as an advance directive because it allows you to appoint a healthcare agent to make medical decisions for you when you cannot do so. It does not give authority to make medical decisions for you if you are able to make medical decisions.
4. Limited (Special) POA
A limited (Special) POA allows the agent to act only for a specific purpose.
When is a Power of Attorney Necessary in Texas?
A power of attorney can be a critically useful legal document for almost any adult. An accident. injury, or debilitating condition can happen to anyone anytime. By giving an agent the power to make medical or legal decisions, you can rest assured that someone you trust can act on your behalf.
A POA is important to have before the following situations:
- The principal suffers from a worsening medical condition that will diminish their mental capacity, like Alzheimer's or dementia
- The principal is physically disabled and cannot sign important documents
- The principal wants to give someone else the power to make specific decisions on their behalf
There are, of course, other reasons why you may need or want a power of attorney created. Speaking to an estate planning attorney in Longview Texas is the best way for you to identify and determine what will work best for you.
How is a Power of Attorney Created in Texas?
Because having the power to make financial and medical decisions for someone else is such a serious matter, Texas has formalities that should be followed to:
- Ensure the power of attorney is legitimate; and
- Confirm the person granting these rights is doing it knowingly and voluntarily.
A well written document, signed and notarization, is important. Contact us in Longview to find out exactly what the process is so that you don't make mistakes that could cause serious problems.
Contact an Estate Planning Lawyer in Longview Today
Powers of attorney are powerful tools to make sure your finances and other business or personal matters or medical care are properly managed while you are incapacitated or otherwise unable to oversee them yourself. Don't wait until it is too late. We have seen many instances when family members come to us because a parent or other loved one has become incapacitated seeking a power of attorney, and at that point it is too late! You can speak to an estate planning attorney at Adams, King, & Smith to discuss estate planning generally and powers of attorney as part of the estate plan specifically.
We always believe that our clients in Texas make better choices for themselves and their loved ones when they are well-informed and adequately prepared. Contact us directly at (903) 757-3331 or online today to schedule a FREE CONSULTATION FOR WILLS, PROBATE OF A WILL, OR ESTATE PLANNING TO INCLUDE TRUSTS and POWERS OF ATTORNEY.
Virtual, in person, or by phone consultations are available for your convenience.