Dallas, Texas Lawyers Establishing Financial Powers Of Attorney
Whether due to illness, disability, travel, or otherwise, one may be unavailable or unable to directly handle their financial matters. Creating a financial power of attorney, by which a third party “agent” is granted the authority to take certain actions on one’s behalf can be a valuable to tool. There are several things to consider when entering such an arrangement, such as the person chosen to act as agent, the scope of their authority, and when they are authorized to act on the principal’s behalf. It is important to consider each of these factors carefully as they may have a significant impact on your financial affairs. Hiring counsel can help with this process. Our Dallas estate planning lawyers are able to assist with financial powers of attorney. Call our office today to schedule a consultation.
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Dallas estate planning attorneys assisting those who need another to manage their finances
Financial powers of attorney allow individuals to appoint an agent to act on their behalf if they become unable to do so for some reason. In many cases, powers of attorney “spring” into effect if a person becomes incapacitated because of illness or injury. If an accident occurs, for instance, and the principal is unable to manage their finances for a period, the agent will have the authority to quickly take over on the person’s behalf. In other instances, one may appoint a power of attorney to handle specific affairs for a limited scope and time, such as signing real estate documents while a person is traveling. A financial power of attorney grants broad authority to a person’s agent to handle a variety of financially related activities on their behalf, such as paying bills, accessing bank accounts, and signing legal documents. Agents should be trusted family members or friends who can handle the responsibilities of such a role. Having these documents in place can help loved ones manage finances and with handling emergency situations immediately should an accident or injury occur. Otherwise, it may be necessary to engage in a legal proceeding to establish their ability to make even the most basic of decisions.
Powers of attorney, when properly drafted and validly executed, can save one’s family or friends considerable inconvenience and legal fees in the event of an emergency. They can also be helpful to aging seniors who may need assistance managing financial affairs on a day-to-day basis. Furthermore, individuals who are vulnerable to illness may wish to appoint an agent to handle matters that require in-person transactions, such as going to the bank or signing legal documents. Parents of “adult children” who are away at college, for example, may also use financial powers of attorney to handle specific activities for the child while they are unavailable.
For obvious reasons, the scope and authority of a power of attorney should be carefully considered and reviewed from time to time. It is important to select a trustworthy and responsible agent and to update your choice if your opinion or situation changes. For instance, if you prepared your power of attorney several years ago and your agent has moved away, it may no longer be convenient for them to be your agent. The principal must also determine how much power the agent will receive and when the authority is triggered. It must also be determined whether the power of attorney will be durable or non-durable. If it is durable then it will only be terminated if you revoke it, if there is a divorce (assuming the agent is your spouse), if a court revokes it, if the agent becomes unavailable, or in the event of your death. A durable power of attorney will generally stay in effect for the entire time that you are incapacitated. Unfortunately, such arrangements can create opportunities for unscrupulous agents to take advantage of their authority to the detriment of the principal. Fraud and abuse by an agent should be reported to the proper authorities promptly and may give rise to legal action. If you believe you or a loved one has been a victim of such actions by an agent, contact us to schedule an appointment.
Our Dallas estate planning attorneys have assisted many Texas residents with establishing financial powers of attorney so that they may manage their finances in time of crisis. Our lawyers will work to help determine your financial situation, your needs, and will craft a solution in which you can ensure that your obligations are met while not giving unnecessary power to another. We consider your unique needs and objectives to help ensure that documents are customized for you and that your best interests are looked after. Price L. Johnson is a CPA as well as an attorney. He has extensive experience in considering financial options and the needs of his clients. We are ready to assist you with establishing permission for another to manage your finances. Contact us online or by telephone today.
Our firm also service Plano, Frisco, McKinney, Denton, Fort Worth, Garland, Irving, Austin, Houston, San Antonio, Nacogdoches, Lufkin, and Center.
Aggressive Texas lawyers correcting abuses of a financial power of attorney
Unfortunately, such arrangements can create opportunities for unscrupulous agents to take advantage of their authority to the detriment of the principal. Fraud and abuse by an agent should be reported to the proper authorities promptly and may give rise to legal action. If you are a Texas resident facing such a situation then it is crucial that you contact an attorney immediately as the process can be quite complicated and deadlines can pass. We aggressively represent our clients in such matters. Contact us today to schedule a consultation with a lawyer.