Katy Powers of Attorney Lawyer
Protecting Your Wishes through Powers of Attorney
Power of attorney is when a person grants another the power to sign legal documents on their behalf. Many people assume they may never need to use a legal power of attorney, but life is unpredictable and things can change in the blink of an eye.
No one knows what the future holds. Today we might be in great health, ready to take on whatever challenges we may face. Tomorrow, we might suffer an injury or illness that makes it impossible for us to make clear and informed decisions. If we have not appointed certain individuals to act on our behalf in these situations, we may be forcing our family to make extremely difficult choices.
At The Springer Law Firm in Katy, our estate planning lawyers can help you draft the necessary documents to grant individuals powers of attorney over your medical care and financial decisions. This gives you the opportunity to say what you want to happen and who you want consulted if you lack the mental capacity to make decisions on your own. It is an essential part of every estate plan; you need to have these documents in place to protect your future and make things easier for your loved ones.
Call (281) 990-6025 to schedule an appointment with our knowledgeable legal team today.
Types of Powers of Attorney
There are many ways to grant power of attorney over your affairs to another person. Below, we explore the common types.
- General Power of Attorney
- Limited or Special Power of Attorney
- Healthcare Power of Attorney
- Enduring Power of Attorney
- Financial Power of Attorney
General Power of Attorney
A general power of attorney is meant to allow a person (agent) to handle any legal affairs for a limited time. Most people use this if they are physically or mentally unable to handle their own affairs.
An agent will usually have the ability to:
- buy, sell, or rent property;
- handle banking transactions;
- use safety deposit boxes;
- file tax returns;
- enter into contracts;
- settle claims; and/or
- purchase life insurance.
A general power of attorney ends when the granter is once again able to handle their affairs on their own.
Limited or Special Power of Attorney
A limited or special power of attorney grants the agent power over either a select group of areas or one particular area. For example, someone could allow their agent to sign a deed to a property they have been trying to sell while they are out of town. Much like the general power of attorney, this power ends after a specified amount of time.
Enduring Power of Attorney
Also referred to as a durable power of attorney, this power remains in effect even after a person becomes incapacitated. For example, if a person falls into a coma and they would like their spouse to make important decisions on their behalf, a durable power of attorney will allow them to do so. The enduring power of attorney allows the spouse to make decisions for the granter while they are mentally unable to do so themselves.
Powers of Attorney for Health Care
A medical powers of attorney regards any and all issues connected to health care. In this document, you appoint an individual — a friend, family member, physician or other trusted loved one — who is able to make medical decisions for you if you are incapacitated. You have the ability to express the extent of care you should receive, including whether or not life-sustaining measures should be performed if you suffer from a potentially fatal illness or injury.
Financial Powers of Attorney
Under a financial powers of attorney, you are naming an individual who is responsible for addressing all financial matters. This may be paying monthly bills or day-to-day expenses out of your accounts, as well as more complicated issues like paying taxes. This document protects against financial ruin due to your inability to make payments in a timely fashion because of your injury or illness.
Advantages of These Documents
Having these documents in place allows your family to avoid having to go to court to establish a guardianship to tend to your health care and financial interests, saving enormous worry, stress and expense. Without these documents, your family may not agree on the steps to take in these situations, opening things up to significant disagreements between loved ones. Putting your wishes on paper provides everyone with the information they need to make decisions rapidly and effectively and removes the chance that a dispute may arise. In short, the main advantage is that it helps you protect your loved ones.
Your Hometown Lawyers for Powers of Attorney
To schedule a consultation regarding powers of attorney and other estate planning matters with our lawyers in Katy, please call (281) 990-6025 or send us an email. We are conveniently located off Mason Road between Highland Knolls and Cinco Ranch Boulevard.