The Durable Power of Attorney
The Durable Power of Attorney, like its name, is more durable to situations, such as you becoming incapacitated. These are often some of the most sought-after documents because of their flexibility. Many loved ones provide family members with this power to enable them to handle their affairs in unfortunate instances, including being comatose from accidents, developing health issues, etc.
A power of attorney can end under numerous circumstances. If the power of attorney you granted was for a specific time frame, the power of attorney will end when the time frame expires. You can also revoke the power of attorney. To revoke it you must tell the person you gave the power of attorney to that you are revoking it. You must also notify anyone they were communicating with on your behalf. Written and notarized revocations of the power of attorney may also be beneficial.
Power of Attorney Considerations
Giving someone a power of attorney over your affairs is a very serious decision that should not be taken lightly. You may wish to consider the following:
- Do I trust this person with the powers I give them?
- When you think about all of the powers that a person has when granting a power of attorney over the affairs of someone else, it can be quite scary. In the eyes of the law, you are effectively giving someone the power to do almost everything you can do yourself. This person would be able to open and close bank accounts on your behalf. They would be able to withdraw money from your bank accounts. They would be able to sell your property without notifying you of it first. These are all things you should consider when giving someone a power of attorney. Most people would not feel comfortable giving someone control of their bank account or investments if that person has a history of theft or poor money management. These are just some of the things you should consider in regard to the person to whom you give these powers to.
- Should this person be given a general or specific power of attorney?
- Should this person really have control over everything or only just to act on your behalf in certain circumstances? This may be something you should discuss with your estate planning attorney to determine what would be in your best interest.
While this page does not serve as an all-inclusive account of information regarding Texas powers of attorney, it does seek to answer some of the most common questions that clients present to our law firm on a regular basis to determine if a power of attorney is an asset to your estate plan. Please contact our law firm today to schedule your estate planning consultation.