You may be wondering what a power of attorney is: a POA is a document in which one person appoints another person to act on their behalf when in certain situations. These situations could include medical decisions, financial decisions, or business transactions. As Arlington, TX trust attorneys who have been rated by Super Lawyer can share, It is important to understand that in the instance you grant power of attorney to another individual over you, you want to give them permission to act on your behalf, you appoint them to manage certain decisions involving medical, transactual, or business decisions, and that you want this agent to act on behalf of you when you become incapacitated and no longer have the ability to make decisions for yourself.
There are many types of power of attorney, with three main different forms.
– Durable Power Of Attorney – Durable Power of Attorney grants the agent of authority to act on behalf of the principal even if the principal becomes incapacitated or incompetent. This allows the agent of authority to make decisions within both instances of medical care, and financial instances. Examples of such could be related to certain medical decisions, along with paying bills, banking, and investing the principal’s money.
– Medical Power Of Attorney – Medical Power of Attorney is a document that gives a trusted individual the ability to make medical decisions in the instance you become incapacitated and unable to make decisions for yourself. This essentially makes them your healthcare agent in the instance you cannot decide what to do for yourself. This document only comes into play when an individual is deemed unable to make decisions for themselves.
– General Power Of Attorney – General Power of Attorney is a document that allows one person, the principal, to give broad authority over financial and legal affairs to another person. This includes actions such as handling bank transactions, managing real estate, and signing contracts, effectively acting on the principal’s behalf in a wide range of situations. This document usually comes to an end when the individual revokes the document, unless specified as “durable” to remain effective even when the person becomes incapacitated.
After deciding which Power of Attorney best meets your needs there are a few requirements to make the document applicable to you within the state of Texas. After deciding you would like a power of attorney, it is important to consider who your agent of authority should be. After doing so you will then need to obtain the form from either the state website, or consult a legal professional. After obtaining the correct form, you must fill it out with all the required information. When completed the document must be signed in the presence of a Notary Public. By doing so, the document becomes applicable within the state, and within a court of law. After the Document has been signed, it is important to distribute the document to banks along with health care providers. This will ensure the document is known by each of the parties affected.
After your Power of Attorney has been established, it is important to remember a few things. First, review the capacity in which the Power of Attorney is signed and applied. For a Power of Attorney to be applicable, the principal must be of sound mind and understand the implications of signing the document. Second, if the Power of Attorney involves decisions regarding real estate, it must be filed with the county clerk where the property is located.
Lastly, it is important to review your power of attorney regularly as you review or update your estate plan. In doing so, you can evaluate the applicability of the document to your current situation. Such review can allow you to understand when the Power of Attorney may not be beneficial anymore. Such analysis will provide you with the best opportunity to apply or revoke a power of attorney within your daily life. If you need help establishing a POA, contact a lawyer at Brandy Austin Law Firm who has received a 10.0 rating from Avvo.
