Why Texas Has Two Powers of Attorney
You know you need a power of attorney, but did you know you need two? Although there are many different types of powers of attorney, in Texas there are two primary types: a durable power of attorney and a medical power of attorney.
Medical Power of Attorney
A medical power of attorney allows the person of your choice to make medical decisions on your behalf, if you are unable to do so. Many individuals have a medical power of attorney in place already, as hospitals often provide a very basic form upon admission. However, these basic forms are often lacking several key components that could be needed down the road: such as a successor (or backup) power of attorney and a HIPAA release. You should consider asking an attorney to review a medical power of attorney that was provided by a healthcare provider.
Durable Power of Attorney
A durable power of attorney—or a statutory durable power of attorney—allows the person of your choice to handle financial, legal, and business matters on your behalf. For example, the power of attorney may allow them to help you with banking, the sale of a house, or speaking with the IRS. You can choose when you would like this power of attorney to become effective and how much power your agent will have.
If you become dissatisfied with the actions of your agent, you can revoke your power of attorney. When a person is serving as your agent they are not in control of you, and you still have the right to make decisions and your agent is bound to follow your wishes as long as you are competent.
Powers of attorney are great tools that we should all have in place. Be sure to check your filing cabinet and make sure you have both powers of attorney set in stone.
Do you need help putting a power of attorney in place? Call The Toups Law Firm, PLLC today at (832) 761-5107.