If you become unable to manage your own affairs, having a power of attorney is essential. However, you may have queries about the process of arranging this. What type of power of attorney is right for you? What are your options? Our Alamo Heights power of attorney lawyer could answer your lingering questions.
An experienced estate planning attorney at Begum Pelaez-Prada PLLC could help you incorporate powers of attorney into your estate plan. We bring nearly two decades of legal experience, providing our clients with the legal support and guidance they need.
A power of attorney allows a person (the principal) to give another person (the agent) the power to manage their affairs. Powers of attorney can give the agent authority over various areas, including medical, financial, legal, business, and real estate decisions.
The nature of this authority will depend on the type of power of attorney granted. Powers of attorney can be broadly divided into three categories: durable, general, and limited. An Alamo Heights lawyer could help you decide which power of attorney type is best for you.
A durable power of attorney empowers an agent to act on the principal’s behalf, including but not only when the principal is incapacitated. These powers may be broad or specific and will not end until the power of attorney is revoked or the principal dies.
A general power of attorney grants broad rights to an agent. It is often suitable for business dealings. This power of attorney will end after a specified period of time, when the task is completed, when the power is revoked, or when the principal dies or becomes incapacitated.
A limited power of attorney grants the agent authority to act on the principal’s behalf for a specific task. For instance, a limited power of attorney may be used to complete a vehicle or real estate transaction. This power of attorney ends after the transaction is completed.
As any Alamo Heights estate planning lawyer will tell you, power of attorney is integral to an estate plan regardless of your personal circumstances. Having a power of attorney in place in the event of your incapacity can help you feel assured that your affairs will be managed and decisions made in accordance with your wishes.
Moreover, a power of attorney can be beneficial if you are otherwise unavailable to handle your affairs. For instance, if you go on an extended trip abroad, your agent could handle your finances.
Choosing a power of attorney for your estate plan is a serious matter. Not only do you need to pick an agent and a successor agent to handle your affairs, but you will also need to pick the correct type of power of attorney and clearly identify the authority granted to the agent. A knowledgeable lawyer could provide guidance on the available options.
Once you have made these decisions, a lawyer could draft the appropriate documents, making sure they are legally sound and accurately reflect your wishes. While templates are available, having an attorney handle the drafting means you get documents customized to your situation and needs.
Finally, an Alamo Heights lawyer experienced in dealing with powers of attorney will understand how these documents work with your estate plan as a whole. This planning requires a comprehensive approach, so coordinating these documents with other legal instruments is important.
Identifying what powers of attorney you need for your estate plan is crucial. With so many options, the process can become confusing and raise more questions than answers. You can trust Sasha Begum to provide those answers and guide you through the process.
Contact an Alamo Heights power of attorney lawyer at Begum Pelaez-Prada today to arrange a consultation. We are ready to assist you with your estate planning needs.
