Power of Attorney Lawyers in Waco Delivering Peace of Mind to Families
We can never tell what will happen to us from one day to the next. Our physical and mental health is never guaranteed. For this reason, we try to prepare ourselves for as many possibilities as we can. We take precautions all in the name of being prepared to face inevitable setbacks.
For this reason, people put legal documents in place that give another person they trust the legal power to make financial and medical decisions for them in the event of incapacitation. The legal term for this is “power of attorney” (or POA).
The reason for doing this is typically for protection in case the person giving power of attorney becomes physically or mentally incapacitated and unable to make decisions for themselves. Depending on the type of POA, the person given power of attorney (known as the “agent,” “proxy,” or “attorney-in-fact”) may be able to make these decisions while the other person is still living. For this reason, an agent needs to be someone you trust implicitly to handle your financial affairs and make medical decisions for you.
Every situation differs significantly from others, so it is best to reach out to the power of attorney lawyers that will be able to provide you with legal services while deciding and designating powers of attorney. Call Rainey & Rainey, Attorneys at Law, LP, today to schedule a consultation and discuss your unique needs.
What Are the Different Types of Power of Attorney?
Since every situation and person is different, people need various kinds of powers of attorney. The additional legal documentation gives the agent a legal right in other cases. These are some of the most often-used powers of attorney:
General Power of Attorney
This documentation allows your proxy to act on your behalf in all locally allowed situations, including business, health, real estate transactions, legal matters, and finances. They may be durable or non-durable, which does not affect a POA’s generality. This distinction gives your agent control over most of your affairs, but they are not allowed to do everything. They cannot alter your last will and testament, for example, or enter you into a marriage contract without your consent.
Durable/Non-Durable Power of Attorney
As the name suggests, durable power of attorney remains in effect if the principal becomes incapacitated due to illness or injury. This type of power of attorney grants broad powers to the agent and can include authority over bank accounts, real estate transactions, filing taxes, making medical decisions, etc. It is important to note that durable power of attorney does not grant any authority to the agent after the principal’s death.
A non-durable power of attorney is more limited than a durable one, as it is “effective only for a specified period of time or for a particular task.” Non-durable powers of attorney are most often used when someone needs legal representation in court or to handle a specific financial transaction. They typically become invalid if the principal becomes incapacitated and cease to be effective upon the principal’s death.
It is important to understand the different types of power of attorney and how they work so that you can choose the right option for your situation. Consulting with an experienced lawyer can help ensure that.
What is a Springing Power of Attorney?
Typically, POA forms are effective as soon as the documentation is finished. This is so that your proxy can immediately begin making business or financial decisions on your behalf.
However, if the POA is designated as ‘springing,’ it only gives your proxy the ability to act in your stead after a predetermined inciting incident. After this condition is met, your proxy’s POA “springs” into effect, but until that moment, your agent has no power or legal authority.
An example of a situation where you would use a Springing POA would be if a person owned a business and was planning to move overseas.
What is a Medical Power of Attorney?
Also known as a “healthcare power of attorney,” a medical POA is a special power that allows an agent to make healthcare decisions exclusively for the other individual. These medical decisions could be anything from treatment and medication to end-of-life decisions.
The subject of these types of decisions has been a hot topic of debate in the past, as medical and legal professionals argued over who was able to decide to end life support for coma or other non-responsive patients.
Who Can Help Me Understand Which Type of Power of Attorney I Need?
No matter your situation, you should speak to an attorney at a law firm you can trust. Look no further than an attorney at Rainey & Rainey, Attorneys at Law, LP.
Rainey & Rainey, Attorneys at Law, LP, is a law firm designed to set any new client up with the right power of attorney. Whether you have a degenerative disorder or you want to give an individual limited power over your finances to make decisions while you’re away, we will guide you in creating a document that expresses your desires as you both see fit.
Call Rainey & Rainey, Attorneys at Law, LP, today to schedule an initial consultation at (254) 457-5083 and lock down the peace of mind of knowing that your future is protected.