Empowering an Agent to Handle Important Medical and Financial Decisions
A Power of Attorney (POA) designation is one of the most useful tools in your estate planning toolbelt. This designation authorizes another individual or individuals to act as an agent on someone’s behalf. This agent is given access to important medical and/or financial information depending on the type of POA being appointed.
In Texas, there are two types of Power of Attorney designations:
- Durable Power of Attorney
- Medical (or Healthcare) Power of Attorney
A durable designation is provided access and authority over an individual’s financial matters while a medical designation is given the same authority and access to medical matters.
What many people don’t understand about these designations is that they are able to be applied whenever the subject of the Power of Attorney (referred to as a principal) deems it necessary. Many people who are of sound mind and body appoint a Power of Attorney to handle certain matters on their behalf as a time-saving measure.
Parents also benefit greatly from these designations. When your child turns 18 in Texas, you no longer have assumed access and control to their finances and healthcare information. This means if they were to get in an accident, you may be left in the dark about where they are being cared for and what care is being provided to them. A POA designation closes this gap and allows parents to continue being involved in their children’s lives even after they turn 18.
Whatever your reason, Erinakes Law is here to help. Contact us and make sure you have the tools in your estate plan to live with peace of mind that your plan is there when you need it most.
