Durable Power of Attorney in Conroe, TX

Counsel from Our Conroe Estate Planning Attorneys

A statutory durable power of attorney allows you, the owner of your estate, also known as “the principal” to appoint someone else to handle your financial decisions in the event you can no longer do so. This person is someone close to you, or a trusted associate, to take care of all of your financial affairs. Without naming someone to act as your financial power of attorney, your family may have to appear in court to decide who will be in charge of these issues.

When Do Powers of Attorney End?

Financial powers of attorney can begin as soon as you sign the papers, or they can be "springing", meaning they only become effective in the event of your incapacity. Springing powers of attorney must be accompanied by a physicians statement that you are mentally incapable of managing your business or financial affairs. Financial powers of attorney are “durable”, meaning it remains effective after your incapacity.

Financial powers of attorney may end in the following ways:

• Your decision—you can choose to revoke the powers of attorney.
• You and your spouse divorce and your spouse was named your sole agent.
• The court finds your document is invalid or you did not have capacity to sign the document.

The decisions you make, especially with regards to your estate planning are critical. The person you choose is someone you trust to take charge of matters and carry out the difficult decisions in your best interests. This person has to set aside his or her biases and act in your best interests.

Types of Power of Attorney

There are several types of powers of attorney, each tailored to meet specific needs. At Dossey & Jones, PLLC, our Conroe durable power of attorney lawyers can help you choose the right type for your situation.

Durable Power of Attorney

A durable power of attorney remains in effect even if the principal becomes incapacitated. It is often used to manage financial affairs, including:

• Paying bills
• Managing investments
• Handling real estate transactions
  This type of POA ensures your finances are taken care of if you are unable to make decisions for yourself.

Medical Power of Attorney

A medical power of attorney allows the agent to make healthcare decisions for the principal if they cannot do so themselves. This includes:

• Choosing medical treatments
• Deciding on long-term care facilities
• Making end-of-life decisions
  This type of POA is critical for ensuring your healthcare wishes are honored.

General Power of Attorney

A general power of attorney grants broad authority to the agent to manage the principal's financial and legal affairs. However, it typically becomes void if the principal becomes incapacitated unless it is specifically drafted to be durable.

Limited or Special Power of Attorney

This type of POA grants the agent authority to handle a specific task or transaction, such as:

• Selling a property
• Managing a bank account
• Handling business operations
  It is time-limited and ends once the task is completed.

Springing Power of Attorney

A springing power of attorney becomes effective only under specific circumstances, such as the principal's incapacitation. This option provides flexibility and control over when the agent’s authority begins.

Financial Power of Attorney

This POA focuses solely on financial matters, giving the agent authority to manage accounts, investments, and other financial assets. It can be either durable or non-durable, depending on your preferences.

Should I Hire an Estate Planning Attorney?

Competent legal counsel is crucial in estate planning and probate matters. Our Conroe can lawyers can help prepare these documents for you, and advise you on your many different options when you wish to draw up your plans for the future. The team’s expertise stretches across a wide breadth of legal, tax, and business matters. We want to make sure that we help you reach your personal goals and carry out the right choices.

Related Readings:

• Power of Attorney for College Students

When you are ready, please schedule your initial consultation with our Conroe estate planning lawyers by calling (281) 410-2792 today!