Estate planning is an important process that everyone should undertake in Texas. Part of estate planning is appointing a power of attorney. Unfortunately, many people do not fully understand the role of a power of attorney. If you’re one of them, here’s what you need to know.
What is a power of attorney?
A power of attorney is an estate planning document that gives someone else the authority to make decisions on your behalf. This can be used in a variety of situations, such as if you become incapacitated and are unable to make decisions for yourself.
Types of powers of attorney
There are two main types of powers of attorney: durable and non-durable. Durable powers of attorney remain in effect even if you become incapacitated, while non-durable powers of attorney do not. You can also appoint a springing power of attorney, which only goes into effect under certain circumstances, such as if you become incapacitated.
Finally, you can choose to have a general power of attorney or limited power of attorney. A general power of attorney gives the person you appoint broad authority to make decisions on your behalf. A limited power of attorney, on the other hand, only allows the person you appoint to make specific decisions as laid out in the document.
Benefits of appointing a power of attorney
One of the benefits of appointing a power of attorney is that you can choose who will make decisions on your behalf. This ensures that your affairs will be handled by a person you trust. Additionally, having a power of attorney in place can help to avoid conflict among family members and loved ones.
Another benefit of appointing a power of attorney is that it can help to ensure that your affairs are handled in a timely and efficient manner. If you were to become incapacitated without a power of attorney in place, your loved ones might have to go through the court system to have someone appointed to make decisions on your behalf.
Ultimately, appointing a power of attorney is a personal decision. However, it is important to understand the role and the benefits of doing so to make the best decision for yourself and your estate.