Powers of attorney give you the ability to maintain a measure of control even when you are no longer able to actually be in control of your own life. If an illness or injury leaves you unable to act on your behalf, manage your affairs, or make decisions, someone will have to step in and take charge. If you create powers of attorney, you select who acts on your behalf. If you do not use a power of attorney or other legal tools, the court will get to make this important decision for you.
The Bond Law Firm can provide assistance crating a statutory durable power of attorney as a part of your estate plan or incapacity plan. No matter what your age, or how healthy you are, you should have a power of attorney on file in case the unexpected occurs. Give us a call at (218) 448-4100 to get help making your power of attorney document and to get answers to questions you to questions including:
- How does a power of attorney work?
- Why do you need a power of attorney?
- How can a Houston powers of attorney lawyer help you?
How does a Power of Attorney Work?
There are different kinds of powers of attorney. A statutory durable power of attorney is one of the key components of an incapacity plan. When you create the power of attorney document, you name an agent and can give that agent general authority to act on your behalf when it comes to managing money, property, financial actions, and administrative matters.
A power of attorney can give your chosen agent the authority to act on your behalf as soon as you become incapacitated and that grant of authority will remain in effect as long as you are alive but unable to act of your own accord. If you pass away, the power of attorney becomes null and void and your will or other estate plan documents will determine what happens next with your money and property.
A financial power of attorney makes sure investments are not lost, property does not decline in value, and assets are not mismanaged in case you cannot control your wealth any longer. Your creation of a power of attorney avoids uncertainty about who should be in charge of your property and allows your loved ones to avoid having to go to court to get decision-making authority and control over assets during a time when your family is coping with a medical emergency.
You can also create a healthcare power, separate from your financial power of attorney, if you wish to make a choice in advance about who should make medical decisions on your behalf if incapacity renders you unable to speak for yourself about your care.
Why Do You Need a Power of Attorney?
If you do not have a power of attorney when incapacity strikes, your fate is at the mercy of your family and the courts. Your property could be left unmanaged during a period of uncertainty when you cannot control it and when no one else has the authority to act on your behalf. Losses could occur, reducing the value of the nest egg you have worked so hard to build.
Court proceedings for your family members to get control can be expensive, complicated, and contentious. There could be confusion over who best to put in charge of managing your affairs. The court could appoint a person who you would not have selected and that person could even be someone you do not trust to manage your affairs. The court will also remain involved in overseeing what that chosen person, called a guardian, does with your property. This is intrusive and can be burden for families who are already in a bad situation.
You can spare your family uncertainty, confusion, and the necessity for complicated court proceedings and you can maintain control by choosing your agent to act for you – you just need to reach out to The Bond Law Firm to get help creating a durable power of attorney.
How can a Houston Power of Attorney Lawyer Help You?
The Bond Law Firm can provide you with assistance creating a statutory durable power of attorney and creating a healthcare power. Our legal team will advise you on whether you need a power of attorney and on what other tools, such as a living trust, could be useful for incapacity plan. We also work with you to make certain you have made a legally valid power of attorney document. Give us a call at (218) 448-4100 or contact us online to find out more about how a Houston powers of attorney lawyer can help you.