281-771-0560Powers of Attorney Lawyers in Pearland, TX
Do You Have a Plan If the Worst Happens?
The estate planning process tends to center around the management of your assets and determining how you would like your wealth passed down to your family members after you pass away. There are other valuable estate planning tools you can use that can benefit both you and your family while you are alive.
Experiencing a sudden incapacitation is an extreme emergency. Fortunately, like having an umbrella ready in the event of a rainstorm, you can plan for protection in the event of incapacity through the use of a power of attorney. This legal arrangement allows someone you trust to step in and take care of important decisions andmanagef your estate if you are ever unable to do so yourself.
If you have questions about power of attorney and how you can incorporate this tool into your comprehensive estate plan, contact The Hatchett Law firm to speak with a member of our team at (281) 214-6541
What is a Power of Attorney?
A power of attorney (POA) allows you to pick someone who can make important financial, personal, and medical decisions when you are unable to do so. A medical power of attorney can offer your family instructions regarding your medical care and end-of-life treatments. A durable power of attorney can make important financial decisions on your behalf to ensure your investments are being cared for and your business continues operations.
When creating a POA, you will choose the person who gets to make decisions for you. This person is called your agent or proxy. The creator of the POA is the principal.
What Types of Power of Attorney Are There?
There are many different kinds of Powers of Attorney, and choosing the one that suits your unique situation is important. You will need the help of an estate planning attorney to ensure the documents are legally sound and complete.
General Power Of Attorney
A general Power of Attorney grants broad powers to your agent, giving them the legal authority to make financial, legal, and business decisions on your behalf. This type of arrangement allows someone to make such decisions while you are unavailable to make them, but it is revoked should you become incapacitated.
Durable Power of Attorney
A Durable Power of Attorney gives your agent the same decision-making power but remains in effect even if you become incapacitated. This means your business and financial affairs can proceed uninterrupted, even when you are unable to directly control them.
Medical Power Of Attorney
A Medical Power of Attorney gives your agent the ability to make healthcare decisions on your behalf should you be unable to voice your preferences. This valuable tool allows your family to know your medical wishes and can alleviate the stress that would be put on them if your medical wishes were unknown.
Springing Power of Attorney
When creating a springing Power of Attorney, you will outline specific conditions that must occur before it becomes active. This gives you the ability to maintain control over your affairs, while you can outline when someone should step in and take over in the case of incapacitation.
All of these require a deep understanding of Texas agency laws and specific, clear language that describes your wishes when your agent should step in and which decision-making powers you want them to have.
Why Do You Need a POA in Texas?
Did you know that becoming incapacitated without a valid power of attorney could mean that a court may have to appoint a guardian to make decisions for you? You won’t have control of who they appoint, and they will be required to make decisions on your behalf without your instruction.
Wouldn’t you like to avoid that?
By creating a power of attorney to govern your medical decisions and financial and business affairs in advance of an emergency, you retain a level of control over your life that you may not have if you become incapacitated without it. A POA allows your business to continue, which is vital in supporting your family.
A Medical Power of Attorney gives you control over who should make medical decisions for you and reduces the burden placed on your family. This can result in avoiding delay in treatment because doctors won’t have to wait while trying to figure out your wishes. A valid power of attorney may also avoid the expense of the guardianship proceeding.
How Do You Create a Legally Valid POA in Texas?
It all starts with choosing a person to serve as your agent to represent you should you become unable to make important decisions. You also need to prepare the right type of power of attorney for your needs.
You will need to draft the legal document, which can be complex. If you do not clearly outline your wishes or medical preferences, it could cause confusion and delays. An experienced estate planning attorney can assist you with this step to ensure your concerns are covered. Most powers of attorney must be notarized to be valid. A medical power of attorney requires witnesses when signed.
Once your decisions for your power of attorney are finalized, keep copies in a safe place and provide them to relevant parties, such as doctors and loved ones.
Do You Need an Estate Planning Attorney?
A power of attorney is a complex legal document that should be drafted with the assistance of an estate planning attorney. The Hatchett Law Firm can help you with this and other comprehensive estate planning services. To make sure all your bases are covered, call us: (281) 214-6541