Durable Power of Attorney for Estate PlanningBy James Blake on
A durable power of attorney is an important estate planning tool that can protect you and make life easier for your family if you become incapacitated. A durable power of attorney can be of several types, including a financial power of attorney (aka power of attorney over property) and a power of attorney over person.
Both of these types of power of attorney provide for peace of mind, a complete estate plan, and helps loved ones take better care of you in the future. A Texas estate planning attorney can help you prepare effective powers of attorney as part of an estate planning package.
Financial Power of Attorney Estate Planning
A financial power of attorney or power of attorney over property allows a person that you appoint to handle all of your financial affairs. A financial power of attorney is critical if you become mentally incapacitated because Texas law prevents an incapacitated person from entering contracts, buying or selling a home, etc. Thus, a financial power of attorney is especially important for business owner estate planning. With a financial power of attorney, your loved ones can handle your bank accounts, enter into contracts on your behalf, deal with your assets, and use your finances to provide for your care.
Durable Power of Attorney Over Person Estate Planning
A durable power of attorney over person is different from a financial power of attorney because a durable power of attorney over person does not give authority to manage your assets and finances. Instead, a durable power of attorney over person allows a person you appoint to make decisions relating to your living situation and matters that affect your life. For example, a daughter with a durable power of attorney over person for her father would be able to admit the father into a nursing facility. Thus, a durable power of attorney over person is a very important estate planning tool for your physical care and living arrangements.
Without a financial power of attorney or durable power of attorney over person, your loved ones may have to go to court and spend lots of time and money just to have the right to take care of you. Make it easier for your family and yourself with proper estate planning. Our Austin business law firm regularly advises clients in estate planning, and we would be pleased to speak with you.
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