Texas Durable Power of Attorney
What is a Durable Power of Attorney?
A durable power of attorney or durable POA is a legal document that authorizes someone else to act for you in legal or financial matters. You can use a durable POA to allow someone else to buy or sell real estate for you, sign checks and tax returns, or access funds from your accounts.
When is it advisable to get one?
If you become seriously ill or incapacitated in the future, you may be unable to pay your bills, deposit checks, or make other transactions. Authorizing your spouse, child, or another trusted party to act on your behalf can ensure important matters are attended to, even if you can’t take care of them personally.
Another instance when you might wish to obtain a durable POA is if you are traveling abroad, and may need legal or financial matters attended to in your absence. In this case, you may wish to make the durable POA effective immediately, so that a designated agent can act in your place.
Do I need a Durable Power of Attorney?
If you answer “yes” to any of the three questions below, you could stand to benefit from a durable POA.
- Do you have income? If you become ill, you may not be able to make bank deposits, manage benefits, or pay bills yourself. A durable power of attorney can authorize someone else to take care of these matters for you.
- Do you own property? If so, taxes and insurance bills must be paid to avoid a lien on your property. In addition, lawns must be maintained and property repairs made. To protect your assets, it’s a good idea to assign an alternate party to manage these items for you.
- Are you concerned about health issues? If you don’t have a durable POA in place, your family members or loved ones may not be authorized to act on your behalf. For example, if you own property in your name only, your spouse might not be able to make decisions regarding its care. A durable POA makes it possible to ensure your affairs will be taken care of, in the event that you can’t do so in the future.
When does a Durable POA become effective?
Depending on the language in your durable POA, you can make the document effective immediately, or only in the event that you become incapacitated.
How do I obtain a Durable Power of Attorney?
If you answered yes to any of the questions above, you should consider obtaining a Durable Power of Attorney. It’s easier and less expensive than you might think. For only $40, you can get a custom attorney prepared durable POA.
| Document | Price |
|---|---|
| Will | $225 |
| Durable POA | $40 |
| Medical POA | $40 |
| Living Will/Advance Directive | $40 |
| Transfer on Death Deed | $200 |
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