When you grant someone the power of attorney, you have in place someone whom you trust to make decisions for you in an emergency situation. No one is immune to health crises and the reality of aging, and having a power of attorney chosen before an emergency arises insures that your important decisions will be taken care of in the best manner possible.
When you grant a close family member or friend the power of attorney, this person can help manage and make decisions regarding paying bills, managing your investments, and making important financial decisions that you may not be capable of making yourself at that time. Your assigned power of attorney is required to act in your best interest and is expected to sign your name when you’re not able to make these important decisions yourself.
You should put careful thought and consideration into who you’d like to choose as your agent or your power of attorney. Several different kinds of power of attorney exist, and your lawyer can walk you through the best option for you and your family. When you decide the type of power of attorney that will work best for you, you can choose a close family member or friend, or if you’d rather hire a bank, probate lawyer or other outside party, that’s a possibility as well.
If a serious emergency arises and you don’t have an assigned power of attorney in your will, the court will appoint a guardian for you. This guardian may not have your best interest in place, and the process in court will likely cost your family a large sum of money.
Contact the Pellerin Law Firm today to discuss the importance of including power of attorney when you draft your will. We’ll be happy to walk you through the different power of attorney options available in Texas.