A durable power of attorney can give you a certain measure of privacy. If you don’t want your affairs to be publicly known, you can designate an agent to handle business and financial matters on your behalf. This is often the case with wealthy people or those individuals who own many assets. The current statutory durable power of attorney form allows you to specifically pick out which powers you want your agent to have. Only the powers you choose will be authorized by the power of attorney form. [5] X Research source A typical power of attorney goes into effect immediately. However, a “springing” power of attorney only goes into effect when you become incapacitated and unable to make your own decisions, or on a particular date that you designate. [6] X Research source
A healthcare or medical power of attorney is often accompanied by an advance directive, which is sometimes referred to as “A Directive to Physicians and Family or Surrogates. ” This document allows you to make certain end-of-life decisions, such as matters related to resuscitation and life support. [8] X Research source
Many people choose a trusted family member or friend to handle their affairs. Some people choose a long-time lawyer or trusted advisor to become their power of attorney.
If you are executing a statutory durable power of attorney, you should be sure and make your wishes known to your agent about how you want your business matters to be handled. Do not simply take for granted that your agent knows what sort of decisions you would make in certain situations. If you are executing a healthcare or medical power of attorney, specifically talk to your agent about your views on different types of life-sustaining medical treatments. Explain how you feel about these issues and tell them what decisions you would like made on your behalf.
You can get these forms online or have an attorney prepare them. The benefit to having an attorney prepare the forms is that the attorney can evaluate your situation and make sure that you are executing the proper forms based on your situation. Avoid forms that are commonly for sale at office supply stores like Staples or Home Depot. Texas, like many other states, has specific requirements for powers of attorney to be valid. These forms may not be specific to the state of Texas and therefore may not comply with Texas law.
Your full name and address The full name and address of the person whom you are designating as your agent The full name and address of the person whom you are designating as your successor agent, or as your second choice to be your agent if the first person whom you chose is unable or unavailable to serve as your agent There is space on the form to specifically describe any additional or more specific powers that you want your agent to have, aside from the powers listed that you have already chosen and initialed. The medical power of attorney form also asks for phone numbers for you, your agent, and your successor agent. There is space on the medical power of attorney form where you can list any limitations that you want to place on your agent in terms of limiting their authority.
The current Texas medical power of attorney forms also require that two witnesses be present when you sign the forms. The witnesses also must give their contact information and sign the forms. [11] X Research source The current Texas statutory durable power of attorney forms do not provide for witnesses other than a notary public. Your agent is not required to sign any power of attorney forms.
The person whom you have chosen to be your power of attorney should have multiple copies of the forms. You may wish to provide a copy of your power of attorney to offices where your agent may have to do business or make decisions on your behalf. For a healthcare power of attorney, you would want your doctor’s office and your local hospital to have copies. For a durable power of attorney concerning business transactions, you would want your bank and investment advisor to have copies. Place a copy of your power of attorneys on file with your lawyer, particularly if they have written a will, trust, or other estate-planning document for you. You generally should also make sure that your spouse and/or adult children have copies of your powers of attorney. If you don’t have any such close family members, you might give a copy to a trusted friend or relative. In some cases, you may need to place the original power of attorney on file with your county court.
Destroy the original powers of attorney and all copies. Execute new powers of attorney as you wish and give a copy of the documents to all relevant parties, thereby replacing the existing powers of attorney. [12] X Research source Sign a document that revokes the existing powers of attorney and deliver a copy to all relevant parties who might have had a copy of the existing powers of attorney. This includes the person whom you had previously named as your agent. [13] X Research source If another person obtains guardianship over you due to your incapacity, the existing power of attorney will be superseded and no longer in effect. Your power of attorney automatically is revoked upon your death.
