One of the most unique, overlooked, yet important aspects of estate planning is powers of attorney. Powers of attorney essentially designate someone to act on your behalf in case of an emergency. There are several types of powers of attorney that you can set up with the help of an estate planning lawyer.
A durable power of attorney can name a person (an agent) to make decisions for you and help your estate remain stable in a situation where you become incapacitated or unable to make decisions on your own. A durable power of attorney often has a springing power which means that the agent can only make decisions for you whenever you become incapacitated and remains effective throughout that period of time.
A durable power of attorney can be extremely beneficial to your family in case of an emergency. In general, your designated agent that has a durable power of attorney may control many aspects of your financial affairs, including but not limited to:
- Managing your property (buying and selling)
- Managing financial accounts (checking, savings, investments, etc.)
- Filing taxes
- Applying for government benefits
Take action and talk to an estate planning lawyer in Houston today about how a durable power of attorney in your estate plan can assist your family in the future. Call us today at 512-400-4430 in Austin or 713-489-7360 in Houston for more information on how we can help you achieve your estate planning goals.
What is the Difference Between a Durable and Limited Power of Attorney?
There is a major difference between a durable power of attorney and limited power of attorney. While both powers allow an agent to take on financial responsibilities for the incapacitated person, a limited power of attorney has stipulations agreed upon by the agent and the head of the estate to limit the financial control they have. A durable power of attorney has a lot more flexibility, in that regard. Most people when they do POAs on their own tend to use the short form which is typically 2-4 pages, but we typically do a long-form POA which is typically 12 pages or so and really delineates the powers of the agent so that they have a more comprehensive document when working with institutions who can get very picky when it comes to Durable Powers of Attorney (DPOAs).
Is a Durable Power of Attorney Necessary for Me?
Although creating a durable power of attorney in your estate plan is not essential for you, it is a highly recommended tool to ensure your family is well protected in the event of an emergency. Your estate and your legacy should be protected if something were to happen to you. Let us help you put together an estate plan that works for you. Remember that a high percentage of the population will at some point become incapacitated, whether that be for a few weeks, months, or even years. Incapacity often results from strokes, heart attacks, car wrecks, truck wrecks, commercial vehicle accidents, slip and fall accidents, covid, Alzheimer’s, and dementia, just to name a few.
Is Hiring an Estate Planning Lawyer Worth It?
Hiring an estate planning lawyer from our law firm can simplify the entire process for you. This can be especially important if you do not understand the various components that go into an effective estate plan. We want to make these complicated concepts easy for all of our clients to understand. Get started with our law firm today by calling our Austin office at 512-400-4430 or our Houston office at 713-489-7360.