When it comes to managing important financial and legal affairs, there may be situations where you cannot act or make decisions on your own. In such cases, having a power of attorney can be incredibly beneficial. Whether you fall ill, are traveling abroad, or simply need to focus on other matters for some time, a power of attorney can keep your life moving smoothly. Planning for these kinds of circumstances is an essential part of developing a comprehensive estate plan.
In Texas, specific laws and regulations govern the power of attorney. For a power of attorney to be valid, you must follow certain legal requirements. Fortunately, there are easy steps you can take to obtain, fill out, and execute all of the necessary forms, which we will discuss at the end of this article. Read on to learn more about powers of attorney, the different types of powers of attorney, and how to start making your power of attorney in Texas.
A power of attorney, or “POA,” is a legal instrument that allows you to grant someone else legal authority to act on your behalf. The person creating a power of attorney is called the “principal,” while the individual they give authority to is known as the “agent” or the “attorney-in-fact.” POAs can give an agent a broad or narrow range of powers depending on the type of POA and the conditions laid out in the document. Some of the decision-making powers that might be listed in a POA include the following:
Powers of attorney are important for several reasons. This arrangement can be particularly useful for those wishing to plan for unavailability or potential incapacitation. This is why POAs are often sought by older adults, those with chronic illnesses, those with significant assets that require management, or those who travel abroad regularly. However, regardless of age, health, or circumstances, anyone can benefit from a power of attorney. You can draft a legal power of attorney with the help of TrustHandled.
Texas has a few different types of powers of attorney available. The type of POA most suitable for you will depend on your specific circumstances and goals. Understanding each type of POA and its function can help you determine which one to file. Below are four main types of powers of attorney in Texas:
This type of POA grants broad powers to the agent, allowing them to handle a wide range of financial and legal matters on your behalf. It is commonly used when you need assistance with various important tasks or want to ensure continuity in managing your affairs.
A limited or “special” POA grants the agent powers for a defined purpose or period. For instance, you might dictate that your agent can only handle financial and property transactions (as in a Texas financial POA) or grant them the power to handle one specific transaction.
Unlike a general or limited POA, a durable POA is still effective if you become incapacitated. This allows your agent to make decisions for you when you cannot. If your POA isn’t durable, your agent loses all authority when you become incapacitated.
This is the only type of POA that gives an agent the power to make medical decisions on your behalf. This includes decisions regarding pain management and other medication, treatments, surgeries, resuscitation efforts, end-of-life care, and organ donation.
You must meet certain legal requirements to create a valid power of attorney in Texas. It is crucial to abide by these requirements to ensure your POA is legally binding. The following key elements are necessary for a Texas power of attorney:
Once you understand the requirements of creating a power of attorney in Texas, you’ll have a better idea of whether you need one and which type to create. When you believe you are ready to start the process, simply follow the steps outlined below with the help of TrustHandled:
Online legal documentation tools provide a convenient solution if you need a power of attorney in Texas. TrustHandled offers a user-friendly platform where you can generate and customize legal forms, including powers of attorney, last wills and testaments, and other estate planning documents. We understand the importance of adhering to Texas law and provide digestible guides and stellar customer support to ensure your documents are valid and effective.
TrustHandled also saves you the headache of dealing with attorneys, freeing up time, money, and effort in the long run. By utilizing TrustHandled, you can easily build and manage your estate plan, giving you peace of mind without breaking the bank.
Sign up with TrustHandled today to get started. We have helped many families plan for the future, and we can help you.