People use a power of attorney (POA) to gain specific authority in decision-making on behalf of their loved ones. It is used by individuals in estate planning transactions, and making final decisions for their healthcare.
If you’re planning to make a power of attorney, you must fulfill these qualifications:
- You’re at least 18 years of age
- You’re physically and mentally stable to understand POA
- You have filled out Texas Power of Attorney Forms;
- You have signed the POA before the notary public
Principals are the ones to decide what specific type of power of attorney is needed in their situation. Agents act on their behalf. A principal needs to think about what power they want to give to their agents – is it for financial, medical, or estate planning purposes. Listed below are types of power of attorney a principal can choose for their specific purpose.
- General Power of Attorney
In Texas, an agent can perform authority in a broad range of matters through the general power of attorney. It is typically given to an agent when the principal is a health impaired individual, either mentally or physically. They allow agents to act on the principal’s behalf by completing transactions, making medical treatment decisions, and processing financial/banking transactions.
- Durable Power of Attorney
In Texas, a durable power of attorney is recognized as the authority for someone who’s incapacitated. Thus, if your power of attorney is not specified as durable, you cannot take any decision about the principal’s financial or healthcare decisions.
- Special Power of Attorney
Under Texas Law, a special power of attorney allows a Principal to delegate specific powers to the agent. For instance, a principal can limit the scope of the agent’s authority such as to perform a transaction for their business, sell a piece of real estate, or make an investment.
Contact Craig, Terrill, Hale & Grantham, LLP
It’s always best to ask professionals when it comes to powers of attorney. At Craig, Terrill, Hale & Grantham, LLP, we’ll make sure you will understand how to utilize the power of attorney. We have broad experience working and finalizing POA documents. Schedule an appointment with us today!