Powers of attorney are really powerful tools that allow another individual to make decisions on your behalf.
In TX, there are 2 different types you need to know: the Medical Power of Attorney (MPOA) and the Statutory DurablePower of Attorney (SDPOA) , which is also known as financial power of attorney.
You don’t want to need a power of attorney and not have one. Both types of powers of attorney (the MPOA and SDPOA) can be made effective upon incapacity. Neither power of attorney takes away your ability to make decisions for yourself. It just gives another person the ability to make decisions for you too.
Medical powers of attorney are important to do in advance because emergencies don’t occur when we expect them to. Accidents and sickness occur and the last thing anyone wants to think about in a time of need are legal documents.
What is a Medical Power of Attorney in Texas?
A medical power of attorney lets your agent (the legal word for the trustworthy decision-maker you choose) make decisions for you related to your healthcare if you are unable to make them for yourself. Your agent can consent to procedures, treatments, medications, care plans, etc. The MPOA lets your agent make decisions if you can’t make them yourself.
Sidenote: you may be thinking this is a Living Will. It’s not! A Living Will is called an “Advance Directive” or “Directive to Physicians” in TX. A Directive to Physicians tells your healthcare providers your preferred end-of-life care plans such as life support versus palliative/comfort care. It’s important to have both documents so that your agent isn’t making the decisions on your end-of-life treatment or care plans, especially if you feel very strongly about one option over another.
Who can have a MPOA?
Anyone over 18.
Why have a MPOA?
The last thing you want when you need medical care and can’t make decisions on your own is friends or family fighting over what is right for you. Picking an agent, you trust in advance resolves this and gets you the care you need when you need it. It means your wishes will be honored and avoid having to get a court involved to get you the care you need.
What is a Statutory Durable Power of Attorney?
Like a medical power of attorney, a Statutory Durable Power of Attorney (SDPOA) allows you to designate someone you trust as an agent to manage your financial affairs.
An SDPOA can be effective immediately or only upon your incapacity. You can limit what financial transactions your agent can make as well. For example, you can give your agent the power to conduct real estate transactions, handle tax issues, designate or change beneficiaries, make deposits and withdrawals from accounts in your name, pay bills, etc. Again, it doesn’t take away your ability to make decisions, it just also gives another person the ability to make financial decisions on your behalf. It’s a powerful tool so its important to pick the right person to be your agent.
Why have an SDPOA?
It provides financial security when you need it and really don’t have the ability (or desire) to think about it. The biggest decision is when to make it effective (incapacity versus immediately). If you want to be covered when it comes to financial decisions in case of incapacity, then you can choose to have your SDPOA activate only upon your incapacity. If you want it effective immediately, for example, if you plan to travel outside of the country and are worried about things going wrong at home, then maybe you want it immediately. It really is a case-by-case decision on if you want one and when you want it to be active.
Are powers of attorney revocable?
Yes!
When do powers of attorney expire?
Upon the death of the person making the designation (or revocation, if revoked).
How to Choose an Agent?
Whether it’s a MPOA or a SDPOA, your agent needs to be someone you trust, who is a legal adult (over 18), and who you feel will honor your wishes. Think about someone who stays calm under pressure and has your back.
Questions?
Give us a call at 214-528-3344 to schedule a consultation and to find out more about powers of attorney and get these important documents handled the right way.