There comes a time when one may need another to look after their finances. Texas law allows one to give another authority to do so through a financial power of attorney. There are several things to consider when entering into such an arrangement. You must decide how long you wish for the arrangement to last, who you will be giving decision making authority to, and over what types of issues you wish to grant authority. Hiring an attorney 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.
Dallas estate planning attorneys assisting those who need another to manage their finances
There are several reasons why one may wish to grant a financial power of attorney. The need is obvious if you become, or expect to become, unable to manage your own financial situation because of a known illness or injury. Unfortunately, it is often too late. Planning ahead is always important whether it is because of getting older, a needed surgery, extended travel, or any one of a number of other reasons.
The person you grant authority to becomes your “agent.” It is important to determine how much power the agent will receive. It must also be determined whether the power of attorney will be durable or non-durable, and when it will take effect. 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, or if the agent becomes unavailable. A durable power of attorney will generally stay in effect if you are incapacitated. It is also important to determine when the power of attorney becomes effective, such as upon your incapacity.
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 take a team-based approach to solving such problems so that all possibilities are considered and 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 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 Dallas attorneys also service Plano, Frisco, McKinney, Denton, Fort Worth, Garland, Irving, Austin, Houston, San Antonio, Nacogdoches, Lufkin, and Center.
Aggressive Texas attorneys correcting abuses of financial power of attorney
Unfortunately there are times where a financial power of attorney is abused. Such situations often constitute a breach of fiduciary duty and, and if the person granting authority has passed, then probate litigation may be necessary. 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.