Durable Power of Attorney in TX
Counsel from Our Montgomery County 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.
Should I Hire an Estate Planning Attorney?
Competent legal counsel is crucial in estate planning and probate matters. Our Montgomery County 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.
When you are ready, please schedule your initial consultation with our Montgomery County estate planning lawyers.