A Durable Power of Attorney appoints a person to act in your place in financial matters. This essential estate planning document enables the person you choose – your “agent” or “attorney in fact” – to step in and manage your financial affairs if you become incapacitated. It is a relatively simple document that helps to avoid the need for a costly court-created guardianship.
The Statutory Durable Power of Attorney grants your agent broad powers to carry out transactions involving bank accounts, investments, real esate, and other financial matters, however there are limits to your agent’s powers. Houston Power of Attorney lawyer Nancy Stone has the legal expertise to draft a power of attorney that will grant your agent the appropriate powers for elder care planning, which may include gifting and trust creation powers. These powers may be necessary for optimal protection of your financial assets in planning for Medicaid or Veterans pensions, as well as estate planning.
Powers Granted by a Statutory Durable Power of Attorney
Real property transactions;
Tangible personal property transactions;
Stock and bond transactions;
Commodity and option transactions;
Banking and other financial institution transactions;
Business operating transactions;
Insurance and annuity transactions;
Estate, trust, and other beneficiary transactions;
Claims and litigation;
Personal and family maintenance;
Benefits from social security, Medicare, Medicaid, or other governmental programs or civil or military service;
Retirement plan transactions;
Tax matters.