Why Durable Powers of Attorney Are Crucial for Estate Planning in Texas
Disclaimer: This blog post is not legal advice and is for educational purposes only. This blog post does not create an attorney-client relationship. If you would like to speak to an attorney about a legal matter, please reach out to us today!
In Texas, a durable power of attorney (DPOA) is a key component of any comprehensive estate plan. It allows you to appoint someone to manage your financial affairs if you become incapacitated. In this post, we’ll explore what durable powers of attorney are, why they are essential, and how they can protect you and your family.
What is a Durable Power of Attorney?
A durable power of attorney grants an individual (often a family member) the authority to manage your financial and legal matters if you become incapacitated. Unlike a regular power of attorney, a DPOA remains in effect even if you are unable to make decisions due to illness or injury.
Example:
George Costanza, a healthy 54-year-old man, may not anticipate the need for a DPOA. However, if he were to suffer a stroke or accident and became incapacitated, Seven could use the DPOA to manage his bank accounts, pay bills, and make important financial decisions on his behalf, without the need for a court-appointed guardian.
Why Not Just Use a Guardianship?
Without a DPOA, your family would need to seek a guardianship through the court system to manage your affairs if you were incapacitated. In Texas, guardianship can be costly, time-consuming, and emotionally taxing on family members. In some cases, a guardianship can take months to establish, leaving your financial and legal matters unresolved during that time.
Texas Statutes and Case Law
Texas law regarding powers of attorney is governed by the Texas Estates Code (Title 2, Chapter 752). Under Section 752.051, a durable power of attorney can be executed without the need for a notary, though it is recommended for clarity and legal enforceability. It is important to note that a DPOA can be revoked at any time, providing flexibility if circumstances change.
The case of In re Estate of J.S.C., 472 S.W.3d 120 (Tex. App.—Houston [1st Dist.] 2015), emphasized the importance of having a DPOA in place to avoid guardianship. The court ruled in favor of honoring a durable power of attorney, highlighting its importance in estate planning.
Why This Is Important for Texans
Texans, who often prioritize self-reliance and independence, benefit from a durable power of attorney because it ensures that decisions are made by someone they trust in times of crisis. It allows for the seamless management of assets and ensures that loved ones don’t face the burdensome and expensive process of guardianship.
About Huenefeld Law, PLLC
Huenefeld Law, PLLC is a Texas law firm based in Longview, Texas, dedicated to helping individuals and businesses with their legal needs. We specialize in estate planning, business planning, asset protection, elder law, tax litigation, and business formation services.
Whether you prefer in-person consultations or the convenience of online meetings, we tailor our services to fit your busy schedule. Ready to plan for the future or protect your assets? Contact us today to schedule your free consultation and let us help you navigate your legal journey with confidence.
