When Should You Appoint a Power of Attorney?
What Is a Power of Attorney
A power of attorney (POA) is a legal directive that appoints an individual of your choosing power to make financial or medical decisions on your behalf should you become incapacitated. A power of attorney can also be used to sign contracts, pay bills, sell real estate, and even make investments on your behalf.
Having an established power of attorney offers significant benefits to you and your family. While you hope that it will never be needed, if the situation does arise, you know that your wishes will be adhered to, and your family will have a clear direction on what you want.
There are several types of powers of attorney, including:
- Durable power of attorney
- Financial power of attorney
- General power of attorney
- Healthcare power of attorney
- Limited power of attorney
The type of power of attorney you establish will depend on your individual needs.
To learn more about the different powers of attorney, review our POA FAQs here.
Do I Need to Appoint a Power of Attorney Now?
You know that powers of attorney are important legal documents, and you know you will need to establish one at some point, but when? Because you can’t predict the future, knowing when to draft your legal power of attorney is tricky. The truth is, the right answer to this question will be different for everyone. A power of attorney can be beneficial for anyone of any age. However, there are some situations where we recommend establishing one sooner rather than later.
You should consider appointing a power of attorney if:
- You have money or other assets you want to be protected.
- You have a health or mental issue, and you know you will require assistance with decision-making in the future.
- You have children and want to ensure they are taken care of according to your wishes should you be incapacitated.
- You are developing your estate plan and want to save your family the time and expense of petitioning the court to appoint a guardian of your estate.
- You own property in another city or state and need someone else to manage, buy, or sell the property on your behalf.
To learn more about the benefits of establishing a power of attorney, review our blog here.
How to Establish a Power of Attorney
If you are considering drafting a legal power of attorney, regardless of type, you should first speak with a knowledgeable attorney experienced in drafting powers of attorney in Texas. Your lawyer will not only be able to help you identify the best type of power of attorney for your needs, but they can also help you draft and file the document.
If you are considering appointing a power of attorney, reach out to Hembree Bell Law Firm, PLLC for guidance. We have extensive experience with all aspects of estate planning, including all forms of powers of attorney.