Power of Attorney Lawyer in Waco
Incapacity Planning for Waco, TX
A power of attorney (POA) is a document that gives another person of your choosing the legal right to manage your affairs. The person given this power is referred to as the agent or attorney-in-fact.
A POA can prove to be invaluable down the line, whether you are:
- Preparing to spend extended time outside of the country
- Safeguarding in the event of incapacitation
- Or settling into retirement
At Rainey & Rainey, Attorneys at Law, LP, we can draft a document that helps you protect your finances, prioritize your health, and assist your attorney-in-fact in making timely decisions for your best interest in the future.
Plan today to ensure tomorrow. Speak to a Waco estate planning and probate attorney at (254) 826-8151.
What Are the Different Types of POAs?
Incapacity is not a blanket definition. You may be unable to make financial decisions, but still able to be in control of your healthcare. You may even wish to designate a different Attorney-in-Fact to manage each aspect of your life.
Texas recognizes several types of Powers of Attorney, such as:
- General Power of Attorney: Gives broad legal power to your agent in matters such as financial and business transactions, employing professional help, and buying life insurance.
- Special Power of Attorney: Gives limited power to the Attorney-in-Fact, such as managing a property, collecting debts, and handling transactions of funds. Importantly, this POA does not allow the Attorney-in-Fact to make medical decisions on behalf of the Principal.
- Medical Power of Attorney: This allows you to designate who is responsible for making medical decisions in the event of your incapacity, such as if you are rendered unconscious, mentally incompetent, or otherwise unable to make decisions.
- Durable Power of Attorney: Specifies your current POA remains in effect if you were to become mentally incompetent due to illness or accident, unlike other POAs which typically are terminated upon incapacitation.
Powers of attorney can take effect immediately or they can "spring" into action when you become incapacitated. POAs that come into effect only after you are incapacitated is therefore known as "springing" powers of attorney.
You can define the disabilities that would trigger the POA to take effect, or a physician can certify in writing that you are incapable of managing your finances after the fact.
Experienced Legal Assistance You Can Rely On
It is of crucial importance that a POA is drafted in a way that meets the legal requirements and wholly addresses the concerns you have for the future. POAs are not without legal complexities, and it is typically advised that you bring in a skilled attorney to help you draft your power of attorney in Waco.
Rainey & Rainey has decades of experience assisting clients like you in creating:
We will walk you through the process, helping you understand and protect your rights, and inform you of what to expect as you move forward.
Need more information? Set up a case consultation regarding setting up a POA at (254) 826-8151 or by contacting us online.