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Things to know about a power of attorney

On Behalf of | Apr 15, 2022 | Estate Planning |

Through the years, you’ve worked hard to build a successful business in Texas while raising a family at the same time. The phrase “go getter” is quite familiar to you, and you’ve always been willing to do whatever it takes to be there for your kids and to be there for your company, as well. It’s understandable that you want your estate plan to reflect your desire to protect your business interests and the well-being of your loved ones, too.

Executing an estate plan is an intensely personal issue. The good thing is that you can customize your plan to fit your specific needs and goals. There are numerous documents that serve as valuable estate planning tools. You may want to incorporate certain documents into your plan while determining that you have no need for some others. There are several types of power of attorneys, for instance. You may decide to use more than one or none at all.

A healthcare power of attorney pertains to medical issues

If you were to become incapacitated in an accident or suffer an illness that leaves you incapable of making your own decisions with a sound mind, a person you trust to make decisions on your behalf can do so, if you sign a healthcare Power of Attorney. A person with authority to make medical decisions for you might address issues, such as treatment plans, surgery issues, end-of-life care and more.

A financial power of attorney gives someone authority over your money

As a Texas parent and business owner, you’re no doubt used to resolving financial issues. Similar to a healthcare power of attorney, you can execute a financial Power of Attorney, which gives an individual or group of people authority to make financial decisions on your behalf if you are no longer able to do so.

You may decide to designate different people regarding different types of finances, such as someone to make decisions regarding personal finances and someone else to make financial decisions regarding your business. Financial issues might include taxes, investments, bills that need to be paid, Social Security checks or other matters of concern.

General power of attorney versus limited power of attorney

If you want one person to act as your agent for all medical and financial matters, in accordance with state laws, you can sign a general power of attorney. A limited power of attorney, on the other hand, restricts an agent’s decision-making powers. As mentioned earlier, for instance, you might want to designate someone to make financial decisions that specifically pertain to your business.

Always seek clarification on Texas estate planning laws

Whether you plan to sign a power of attorney or other estate planning documents, it’s critical to make sure you adhere to state laws. Every state, including Texas, has its own estate planning regulations. You avoid complications and legal problems by speaking with someone who is well-versed in Texas estate laws before you sign any type of legal document.