The concept that every person has the right to control their own lives is central to state law. However, along with this concept comes the power to grant this ability to other people. Whenever an individual gives the power to control their life to another, we call this a power of attorney.
Granting power of attorney to others can be a good idea in a variety of situations. Those in poor health may anticipate a pending loss of control or mental capacity. In other situations, people may simply want to empower others to perform specific tasks on their behalf.
A Houston power of attorney lawyer could help you to better understand these concepts under the law and to draft documents that provide powers to others. When crafting your estate plan, it is important to work with a reliable estate planning attorney.
Granting Power of Attorney
Giving another person power of attorney grants that person the ability to make decisions on your behalf. Specifically, people who create these orders give another the ability to undertake matters concerning property and finances.
Powers of attorney come in two separate forms. Durable powers of attorney grant these powers until the grantor’s death or the grantor revokes the order. By contrast, a limited power of attorney lasts for a specific time and exists for a specific purpose.
By state law, there is no specific form that a durable power of attorney must take. However, Texas Estates Code § 752.051 provides a form that carries presumptive legality. Once a person completes this form, they must merely affix their signature, and the grantee under the form obtains power of attorney. A skilled Houston power of attorney lawyer could help to explain the various forms of these documents and to craft them in a way that meets a person’s specific needs.
Reasons to Grant Power of Attorney
Powers of attorney are potent legal documents that give another person substantial control over one’s life. As such, the decision to create these documents should only be taken after a comprehensive evaluation of one’s needs and limitations.
A general, durable power of attorney gives another person immediate and total control over one’s finances and property. These powers last until the creator’s death, or they revoke the powers at a later date. The receiver of the powers may, at their discretion:
- Sell assets
- Purchase a home
- Lease a vehicle
- Transfer stocks
Due to this, it is essential to only place these powers in a person that carries trust.
On the other hand, limited powers of attorney empower others for a specific purpose. For example, a person may be living overseas as a contract employee and want to sell their home. They can create a limited power of attorney giving another person the ability to perform this limited role. Once the purpose of a limited power of attorney is complete, the arrangement immediately comes to an end.
Let a Houston Power of Attorney Explain Your Rights and Powers
A time comes in many peoples’ lives when they are no longer to control their own property or finances. When this happens, it may be beneficial to grant power of attorney to another. Granting this power means that a nominated person can control another’s finances and property. This can include overseeing sales, arranging a place to live, and more.
A Houston power of attorney lawyer can help you with your needs and create legal solutions. This can include drafting durable powers of attorney that allow a trusted friend or family member to control your finances. It can also include creating limited powers of attorney that provide this ability to another for a specific purpose. Reach out today to learn more.