The legal documents known as Powers of Attorney are commonly part of estate plans, though they can be used without such a plan in place. Several different types of Powers of Attorney exist that can be used for different purposes. These legal documents have certain requirements and generally must be signed and notarized to go into effect. In this blog, you will get an overview of what these legal instruments do and how they can be used.
If you need a Power of Attorney to designate someone to handle your affairs, contact Hunt Law Firm, PLLC at (832) 781-0320. We handle a variety of family law and estate planning matters.
Powers of Attorney in Texas
A Power of Attorney is a legal instrument in which you, as the principal, grant the power to a designated person to act on your behalf. That person is known as your “agent” or “attorney-in-fact.” The powers you grant your agent can be very limited and for a limited time period or can be general, meaning that your agent has the authority to handle any financial or life affairs that you would handle. Those affairs can range from handling your bank accounts to stocking your pantry.
The different types of Powers of Attorney can include:
- A General Power of Attorney, which authorizes your agent to act on your behalf in a wide scope of personal affairs, both financial and life affairs.
- A limited Power of Attorney, which authorizes your agent in only a specific way. This is often used for handling a certain transaction, such as signing a purchase or sale agreement while you are out of the state or the country. It can also be for a limited time period.
- A Durable Power of Attorney, which gives your agent specific powers and that continues to remain effective even if you become mentally or physically incapacitated.
- A Medical Power of Attorney, which gives your agent the power to engage in medical decisions should you become unable to express your wishes due to incapacity from illness or injury.
- A springing Power of Attorney, which only goes into effect when you become incapacitated. This also becomes a Durable Power of Attorney.
The Texas Statutory Durable Power of Attorney derived from Chapter 752 of the Estates Codes outlines the various types of powers you can give to your agent. These include (but are not limited to) such powers as handling real estate transactions, stocks and bonds, banking, business operations, personal and family maintenance, tax issues, and more.
The Medical Power of Attorney is defined under Texas Health and Safety Code, Chapter 166 as a “document delegating to an agent authority to make health care decisions.” All Powers of Attorney require that the principal granting the powers must be 18 or older, of sound mind so that they understand what they are doing, and, if they involve real estate transactions, must be filed with country clerk in which the designated property is located.
Hunt Law Firm, PLLC Provides Dedicated Legal Service to Texans
At our firm, we provide dedicated and trusted legal representation to Texas clients in Katy as well as throughout greater Houston. Our firm concentrates its practice on family law and estate planning; that concentration has given us vast knowledge and insight into Texas law and how courts view the various issues it decides. We strive to create a comfortable atmosphere where you are treated like family and encouraged to voice all of your questions and concerns. With a top rating from Avvo and listing in Super Lawyers Rising Stars, we bring recognized excellence to your legal needs.
Contact us at (832) 781-0320 to speak to an attorney about your case today.