A durable power of attorney is used to authorize a person of your choice to handle your financial decisions if you are suddenly rendered incapable of making those decisions for yourself. The power of attorney can be enacted immediately, or at a time when you are no longer able to make sound financial decisions due to health issues, an accident, or other unforeseeable situations.
A durable power of attorney takes the burden of making financial decisions off of your family members at a time when emotions may be running high. This allows them to be present in the moment of need without having to make difficult financial decisions.
Is there more than one type of durable POA?
There are two types of durable power of attorney. As previously mentioned, there is a financial durable power of attorney. There is also a healthcare durable power of attorney that allows the assigned person to make decisions regarding your health when you are unable to do so.
A healthcare durable power of attorney differs from a living will or advanced directives. The latter outlines your wishes should a health crisis render you unconscious or incapacitated and end-of-life wishes are usually specified in advanced directives.
Is a durable power of attorney permanent?
According to Texas Estates Code 751.132 durable power of attorney remains in effect until:
- You (the principal) pass away
- A guardian is appointed for you
- You revoke the durable power of attorney
In order to revoke a durable power of attorney, you must prove that you are mentally capable of making your own decisions. You will need a written statement from your doctor attesting that you are of sound mind.
Consider getting experienced legal guidance if you are considering setting up or revoking a durable power of attorney.