Drafting a durable power of attorney in Texas is an important part of estate planning that may help in protecting your assets and property. By specifying a responsible individual in a power of attorney document, he or she may act as your agent in the event that you become incapacitated. Your specified agent may then carry out your financial affairs if and when you are unable to do so by yourself.
If overseeing the matters of your estate becomes overwhelming, a reliable agent who you trust with managing your affairs may provide a great deal of comfort. According to CNBC, nearly half of all senior citizens over the age of 65 are managing their own finances, but under certain circumstances, this may make them more vulnerable to predatory frauds.
Individuals who seniors have a close relationship with and know personally reportedly carry out the most alleged cases of elder abuse. With senior-targeted scams increasing, banks and financial institutions may request the name of an individual to contact on behalf of a senior client in order to verify any suspicious transactions. This may include cashing checks, making withdrawals and arranging transfers that appear out of the ordinary.
You may wish to assign someone to handle your finances before a relative, caretaker or court-appointed individual takes over your affairs by default. A power of attorney document allows you to outline how you would like your agent to manage your finances and protect your estate.
Your specified agent will then have power to pay your bills, write checks or make necessary transfers when you are unable to. This individual may work in conjunction with your relatives, caretakers and legal team to carry out your estate plans in the manner that you intended.
The information provided is for educational purposes only and not intended as legal advice.