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What is a Texas Statutory Durable Power of Attorney?
Did you know that having a durable power of attorney is just as important as having an estate plan?
A durable power of attorney can provide invaluable protection in the event of illness, injury, or disability and is often used in conjunction with a Last Will and Testament, Living Will, and other estate planning tools. Let's take a closer look at what a durable power of attorney is and why it's so important.
What is a Durable Power of Attorney?
A durable power of attorney (DPOA) grants someone else the authority to make decisions on your behalf if you are unable to do so yourself. This person is known as your “agent” or “attorney-in-fact” and can be anyone you trust—a spouse, child, sibling, parent, or close friend. Your agent will have the power to make decisions about financial matters such as managing bank accounts and investments; paying bills; making real estate purchases; and filing taxes. In some cases, they may also be able to make medical decisions for you if you become incapacitated.
It's important to note that your agent will only be able to act on your behalf if you become physically or mentally unable to make decisions yourself—the document does not go into effect until then. Additionally, any powers given to your agent cannot exceed those granted by law; for example, they cannot sign documents that would result in them inheriting property from you.
What Are the Benefits of Having a DPOA?
Having a DPOA provides peace of mind knowing that someone who knows you well will be able to take care of your affairs in the event that something happens to you. Furthermore, it eliminates the need for probate court proceedings if you become incapacitated because all decisions regarding your assets will already have been taken care of by your designated agent. Lastly, having a DPOA gives you control over who makes decisions for you instead leaving it up to the courts—which can be both costly and time consuming—to appoint someone on your behalf.
For many Seniors living in Texas, having a Durable Power of Attorney is essential for protecting their rights and maintaining control over their assets even when they are no longer able to do so themselves. It ensures that someone they trust has been appointed as their legal representative should they ever become physically or mentally incapacitated and that all their financial matters are taken care off without delay or interruption due to probate court proceedings. Ultimately having this document in place offers peace of mind knowing that one’s wishes will be respected even when they can no longer express them themselves.
If you have questions or comments, feel free to reach out to us at (832) 460-3334.