In the event that a person becomes incapacitated, the power of attorney can be used to help someone else manage their finances. It allows a person to delegate responsibilities without restricting individual actions. When creating a power of attorney, it is important to be clear about what powers are granted to the agent.
The most common form is the California General Durable Power of Attorney (DPOA). It allows the person to grant the agent specific powers, or give the agent general powers. Both forms are acceptable under California’s probate code, and the agent must adhere to California law. If the person hasn’t already made a DPOA, he or she should consult a lawyer before drafting the document.
Durable power of attorney allows the person to appoint someone to manage his or her finances in the event of incapacitation. It can be either immediate or triggered by specific events. The agent may be a lawyer or someone they trust. A durable power of attorney can be useful for both family members and the disabled person. But remember, the durable power of attorney is very different than a living will or an Advance Health Care Directive.
A durable power of attorney is only valid if the person’s mental capacity has not declined. In some states, the power of attorney can be revoked if the person becomes mentally incompetent. However, Texas law does not allow the person to make a durable power of attorney before becoming incaPACitated.
A power of attorney is an important document. It gives authority to another person to handle the principal’s affairs. The person who grants the power of attorney is called the “principal,” and the person who is given the power of attorney is known as the “agent.” A lawyer is not always needed, but a close friend or family member can be a good choice. The important thing is to trust the person with the power of attorney, and that he or she will act in the best interest of the principal.
