Exploring the Significance of a Durable Powers of Attorney in Estate Planning

 Posted on August 10,2023 in Estate Planning

In estate planning, a power of attorney is a powerful legal tool that allows a person the option of appointing someone, known as an agent or attorney-in-fact, to make important decisions on their behalf. A durable power of attorney not only grants broad decision-making authority to the agent but also remains in effect even if the principal individual is in some way no longer able to look after their own interests. Today, we will examine what it truly means when a power of attorney is considered durable.

Continuity in Decision-Making

A power of attorney is a document that allows another individual to serve as a representative in specified matters. Depending on the principal’s intentions, it can encompass various areas, such as financial, healthcare, or legal matters. The durability aspect of a power of attorney becomes crucial when the principal loses mental or physical capacity due to illness, injury, or old age. Designating a durable power of attorney ensures a seamless transfer of decision-making authority to the agent without the need for court intervention. This can be immensely helpful in managing financial affairs, accessing medical records, and executing legal transactions on behalf of the principal, even when they are unable to do so themselves.

Extension of Authority 

When a power of attorney is designated as durable, the agent possesses the authority to act on the principal’s behalf in almost any situation allowed by law. This broad scope of power requires a high level of trust between the principal and the chosen agent. Therefore, it is essential to carefully select a responsible and reliable individual who will act in the principal’s best interest.

Contact a Fort Worth, TX Estate Planning Lawyer

By designating a durable power of attorney, individuals can afford themselves greater peace of mind knowing that their best interests will be effectively represented, even during incapacitation. However, reviewing and updating this document relatively regularly is crucial, reflecting changing circumstances and ensuring the continued appropriateness of the chosen agent. By ensuring the document is up-to-date, you can make certain that all necessary life changes and circumstances are reflected in the updated document. Contact the Fort Worth, TX, estate planning attorneys with Gonzalez Law, PLLC for legal guidance. We will take you step by step through all of your estate planning goals, ensuring these goals can be attained. Call 817-349-7330 for a free consultation. We look forward to hearing from you.

Source - https://statutes.capitol.texas.gov/Docs/ES/htm/ES.751.htm#751.131