Life in Lubbock, Texas, is pretty close to perfect. Whether visiting the Buddy Holly Museum, the Silent Wings Museum, or Mackenzie Park, there’s always something new and exciting to enjoy.
As great as Lubbock life is, you must always prepare for an unexpected change or a turn of bad luck. One way to do that is with a power of attorney.
A power of attorney (POA) is like a special permission slip in legal writing. It lets one person (the agent) make decisions or do things for another person (the principal).
People usually use a POA when the principal is sick or hurt and can’t do things independently. Depending on what the POA says, the agent can help with money or even decide about medical stuff.
An attorney skilled in power of attorney matters can help people with complex legal and financial issues feel confident that their assets are safe.
How Does the Beck Law Firm Help?
Beck Law Firm is known for its exemplary legal skills and personalized attention. Our founders, Kristen Beck-Perez and Andrew Beck, have extensive experience in estate planning and health law, which uniquely qualifies us to help you with your power of attorney needs.
We take pride in our commitment, timeliness, and tailored legal assistance.
Our office is conveniently located at 4910 Lakeridge Drive, making it convenient for Lubbock residents to stop in.
We know the local community’s values and requirements and offer legal services that align with those.
Whether you’ve been in Lubbock for a long time or are new to the area, you can rely on Beck Law Firm as your trusted legal partner, ready to support you with your POA and other estate planning matters.
Power of Attorney – What You Should Know
In Texas, the specific powers and responsibilities granted to the agent varies depending on the type of POA and its terms, but here are some common actions a power of attorney can authorize in Texas:
- Financial matters: A financial power of attorney permits the agent to supervise the principal’s financial affairs, including paying bills, managing bank accounts, investing, buying or selling property, and handling tax matters.
- Healthcare decisions: A medical power of attorney grants the agent the license to make healthcare decisions for the principal if they cannot, including choices about medical treatments, surgeries, and end-of-life care.
- Business transactions: A business power of attorney authorizes someone to make decisions and conduct business transactions on behalf of a business owner or company.
- Real estate transactions: A real estate power of attorney enables the agent to buy, sell, or manage real estate on behalf of the principal.
- Limited or specific powers: A POA can be tailored to grant particular powers for a limited purpose or period.
For example, a person might create a limited POA to allow someone to sign a contract on their behalf while they are out of the country.
Power of attorney in Texas can be either durable or non-durable. A durable POA stays in effect even if the principal is incapacitated, while a non-durable POA becomes invalid if the principal becomes incapacitated.
Texas law requires certain formalities for creating a valid power of attorney, such as signing the document before a notary public or two witnesses.
Powers of attorney are powerful legal documents, and you must give careful consideration when selecting an agent and defining their authority.
Consult with an attorney experienced in Texas estate planning to create a power of attorney that meets your needs and complies with Texas laws.
Who Needs a Power of Attorney?
- Incapacity planning: A durable power of attorney for finances and a medical power of attorney allow you to appoint someone to manage your financial affairs and make healthcare decisions for you if you become incapacitated.
- Convenience: You may use a limited or specific power of attorney sanctioning someone to handle a particular transaction on your behalf, such as signing a contract, managing real estate, or accessing your bank accounts, when you cannot do it yourself.
- Estate planning: As part of your estate plan, you can create a POA to ensure someone you trust can manage your financial and healthcare matters according to your wishes if you become unable to do so.
- Aging or health issues: If you anticipate age-related or health-related challenges in the future, you can establish a POA to ensure someone can assist you with important decisions and tasks when needed.
- Business matters: In business, individuals often grant a POA to a trusted colleague or partner to act on their behalf in specific business transactions or decision-making processes.
- Military deployment: Military personnel may create a POA to designate someone to handle personal and financial matters when they are deployed.
- Travel or extended absence: If you plan to be away for an extended period and need someone to handle your affairs during your absence, a POA can provide that authority.
- Investment management: Some individuals grant a POA to a financial advisor or trusted individual to make investment decisions on their behalf.
- Contingency planning: A POA can serve as a contingency plan, ensuring that someone can act on your behalf when necessary and preventing potential legal and financial complications.
- Avoiding guardianship: Without a POA in place, if you become incapacitated and unable to make decisions, a court can appoint a guardian to make decisions for you. A POA allows you to choose your agent instead of leaving it to the court’s discretion.
Carefully consider who you appoint as your agent in a power of attorney, as this person will have significant authority over your affairs.
The laws regarding powers of attorney vary, so it’s essential to comply with the legal requirements in Texas when creating one.
The Beck Law firm is ready to assist you in creating a POA that works for your situation. Our office is conveniently located at 4910 Lakeridge Drive, making it easily accessible for Lubbock residents. Call today at (806) 702-7909 to discuss your options.