Powers of Attorney Lawyer in Colleyville, Texas

A power of attorney (POA) is an important legal document that allows an individual to give another person the authority to act on their behalf in various matters, such as financial, healthcare, or legal decisions. 

Creating a power of attorney is often a key component of estate planning, as it helps make sure that someone trusted can make decisions for you if you become unable to do so. Whether you're preparing for the future, assisting a loved one, or handling intricate estate planning decisions, understanding the role of powers of attorney is critical so your intentions are upheld. 

At Tefera Law Firm, PLLC, we provide comprehensive legal representation for individuals and families in Colleyville, Texas who need assistance with powers of attorney as part of their estate planning.

Our attorney works closely with clients to draft, review, and implement powers of attorney that reflect their wishes and needs. Contact us today to set up a consultation and learn more about how we can help you through this essential process.

What Is a Power of Attorney?

A power of attorney is a document that allows one person (the principal) to designate another person (the agent or attorney-in-fact) to make decisions or take actions on their behalf. This document can cover a wide range of legal and financial matters, depending on the type of power of attorney established. 

The powers granted can be broad or limited, and they may go into effect immediately or only under specific conditions, such as when the principal becomes incapacitated. In estate planning, a power of attorney is often used to allow someone to handle finances, healthcare decisions, or other matters if the principal becomes unable to do so.

Establishing a power of attorney is an important step in managing future risks and seeing that your affairs are taken care of by someone you trust, should the need arise.

Types of Powers of Attorney

There are several types of powers of attorney, each designed for different purposes and situations. The two most common types used in estate planning are financial powers of attorney and healthcare powers of attorney. Understanding the differences between these documents and how they fit into your estate planning goals is crucial.

Financial Power of Attorney

A financial power of attorney grants an agent the authority to manage the principal's financial affairs. This includes tasks such as paying bills, managing investments, and handling taxes. The agent can act on behalf of the principal in a wide range of financial matters. The scope of authority can be broad or specific, depending on what the principal needs.

This document is particularly important for individuals who may have difficulty managing their finances due to age, illness, or disability. By appointing a trusted agent, the principal can make sure their financial matters are handled appropriately, even if they’re no longer able to do so themselves.

Healthcare Power of Attorney

A healthcare power of attorney allows a designated agent to make medical and healthcare decisions for the principal if they become incapacitated and are unable to make these decisions on their own. 

The healthcare agent's role may include making decisions about medical treatments, surgeries, and other healthcare interventions, as well as determining the principal’s care if they’re unable to communicate their preferences.

This document can be crucial in situations where an individual faces significant health challenges or if there is a risk of becoming incapacitated. Many individuals create a healthcare power of attorney as part of their broader estate planning to make sure that someone they trust will advocate for their medical needs in difficult circumstances.

Durable Power of Attorney

A durable power of attorney is a specific type of POA that remains in effect even if the principal becomes incapacitated. This is important for individuals who want to check that their designated agent can act on their behalf if they’re no longer able to manage their own affairs due to illness or injury.

The durable power of attorney can be applied to both financial and healthcare matters. It’s often part of a comprehensive estate plan that includes other documents such as a living will and a will or trust. If you want to make sure your affairs are handled by someone you trust in the event of incapacity, this type of power of attorney is a crucial consideration.

Powers of Attorney in Estate Planning

In estate planning, powers of attorney serve as a preventive measure. They allow individuals to prepare for the possibility of incapacity, seeing that someone they trust will step in to manage financial, healthcare, or legal matters if necessary. 

While other estate planning tools like wills and trusts deal with the distribution of assets after death, powers of attorney focus on decision-making during a person's life. Creating a power of attorney is an essential part of a well-rounded estate plan, especially for individuals with significant assets or unique healthcare needs. 

Without a properly executed power of attorney, family members may need to seek court intervention through guardianship proceedings, which can be costly, time-consuming, and emotionally draining. By setting up powers of attorney in advance, you can avoid this burden and maintain control over your personal and financial affairs.

How We Can Help with Powers of Attorney in Texas

Our firm works with clients throughout Texas to draft, review, and implement powers of attorney as part of comprehensive estate planning. We understand the importance of these documents and their role in protecting your financial and healthcare interests. 

When you work with us, we’ll take the time to understand your specific needs and create powers of attorney that align with your goals and preferences. Whether you're looking to create a financial power of attorney, a healthcare power of attorney, or a durable power of attorney, we can help. 

We’ll guide you through the entire process, from drafting the document to addressing any concerns or questions you may have. We also provide assistance in making sure that your powers of attorney are properly executed and stored for future use.

Additionally, we can review your existing powers of attorney to make sure that they still align with your current estate planning goals. If there are changes in your life or circumstances, such as the appointment of a new agent or a shift in your healthcare preferences, we can help update your documents accordingly.

Common Questions About Powers of Attorney

As part of our estate planning services, we frequently receive questions about powers of attorney. Below are some of the most common inquiries, along with brief answers to help you understand how powers of attorney work and how they can benefit your estate planning.

Can I revoke a power of attorney?

Yes, a power of attorney can be revoked at any time, as long as the principal is mentally competent. To revoke a power of attorney, the principal must provide written notice to the agent and any third parties who may be relying on the document, such as financial institutions or healthcare providers.

What happens if I don't have a power of attorney?

If you become incapacitated and don't have a power of attorney, your family members or loved ones may need to go through the legal process of seeking guardianship. This can be time-consuming and costly, and it may not reflect your wishes. Having a power of attorney in place prevents this situation and provides clarity on how your affairs should be handled.

Who should I appoint as my agent?

Choosing the right agent is an important part of creating a power of attorney. This person should be someone you trust to act in your best interests, especially during times of illness or incapacity. Many people choose a spouse, child, close family member, or close friend as their agent, but it's important to consider their ability to manage financial and healthcare decisions.

Can a power of attorney be used after death?

A power of attorney is only valid while the principal is alive. After the principal's death, the will or trust becomes the governing document for distributing assets and making final decisions. However, a power of attorney can help manage affairs up until death, such as paying bills and handling other financial obligations.