Estate Planning Lawyer
Financial Power Of Attorney / Statutory Durable Power of Attorney
A statutory durable power of attorney is an exclusive type of power of attorney. A “durable” power of attorney means that it remains in effect even if the Principal (i.e. the person making the power of attorney) becomes incapacitated. These are especially helpful in matters concerning one’s own personal finances. When someone becomes ill from sickness or disease, and becomes incapacitated, the Statutory Durable Power of Attorney designates who can make the financial decisions for the individual.
Financial powers of attorney, or statutory durable powers of attorney allow you to name a certain individual to have decision-making power and direction over your financial interests and business concerns should you become incapacitated. They provide a seamless continuity in the access of funds and the handling of your affairs. At Law Office of Troy M. Moore, PLLC, our attorneys help you establish a financial power of attorney directive that provides assurance that your finances will be handled correctly should you become incapacitated.
Houston Financial Powers Of Attorney — Establishing A Statutory Durable Power Of Attorney
The person you establish as your financial power of attorney will typically be able to access your funds to take care of daily concerns, such as paying bills, mortgages, taxes and arrangements. He or she is often allowed to monitor your accounts and pull statements as needed. You are allowed to place whatever restrictions or parameters you choose, limiting access to your finances.
Some individuals entrust a great amount of authority to their durable power of attorney, allowing him or her to make investment decisions or take over shareholder responsibilities. We will listen to your needs in this area and help you establish a directive that is customized to your financial needs and comfort level.
Without a financial power of attorney, a guardianship is generally sought to provide someone close to you these powers. Establishing a guardianship can be a time-consuming and expensive process, a costly inconvenience during a time when you are incapacitated, family members are stressed and time is of the essence in dealing with financial concerns. Having a financial power of attorney avoids these headaches and provides you confidence that your affairs will be handled in a timely manner and in accordance with your wishes.
You should really consult with an experienced Houston estate planning lawyer to assist with your Statutory Durable Power of Attorney because if it is not done correctly, it can be a problem when your designated Agent goes to use it. Do not settle for a home-made power of attorney.
This is particularly important for same-sex couples. Same-sex marriage is not legally recognized in Texas, and without this directive, your partner or spouse will not be able to handle your affairs.
Houston, Cypress, Tomball, Magnolia, Spring, and Montgomery — all counties served.
To learn more about how we can best represent you in your estate planning attorney needs, please contact us today at 281-970-8039.
Our office hours are 8:30 a.m. to 5:00 p.m. and we provide a free phone consultation to all prospective clients.