Figuring out how to pass down your most prized possessions to family and friends after you’ve passed can be difficult. Fortunately, many estate planning documents include a power of attorney (POA). At Fryer and Hansen, we know just how tough it can be to draft estate planning documents. We also believe that a POA is one of the most powerful documents in your estate plan and want to show you why.
What it Is
A power of attorney gives certain powers to an individual (an agent or attorney-in-fact) to act on behalf of someone else (a principal). This principal can set the terms and conditions surrounding the POA, meaning they choose how the agent can use their powers. Certain POAs provide the agent with extensive powers, while others restrict them.
Most potential principals worry their agent may make poor financial or health decisions on their behalf. However, the best way to avoid any issues is for the principal to work closely with our estate planning lawyers in McAllen.
When is it Used?
You might think that a power of attorney is given to a person to act on behalf of someone who has passed away. While this applies, it’s important to understand that there are many other situations where POAs are needed.
These include when a principal requires an agent to:
- File taxes
- Register vehicles
- Handle affairs while they spend time abroad
- Handle finances while they’re hospitalized
We’ll Walk You Through the Process
Our team is ready to provide the information needed to help you make the best decisions for yourself and your loved ones. Don’t wait to start your estate plan. Contact our lawyers in McAllen today to learn more about what we can do.