Скачать или смотреть Why do I need a Power of Attorney - Estate Planning Texas

A power of attorney is a contract that authorizes someone to make decisions or take actions on someone else's behalf, giving the authority to a third party to do things on behalf of someone else who cannot so it for themselves. There are different types of power of attorney that cover different things that the person can do. For instance, a general power of attorney is considered to be the broadest authority to give another person for yourself, with a general power of attorney you can act on a number of matters including business transactions, selling property, spending money. Many times, this helps people with large businesses designate a decision maker, or sign documents on behalf of them. In Real Estate, this lets people sign for property transactions, sell and divide property, and contact creditors and other parties. A general power of attorney is not used for end of life planning because there is a contingency where if the person is incapacitated the power of attorney is no longer valid. That is where a medical power of attorney and durable power of attorney are used.

In real estate a power of attorney can be used for several different things. Contacting creditors, dealing with tax obligations, and paying off loans. It is not uncommon to have a power of attorney just to speak with a creditor about paying off a lien or judgement.

Depending on the restrictions outlined in the power of attorney, the authority could last indefinitely or for only a short period of time. Sometimes there are contingencies outlined in the power of attorney, to designate a specific action is taken before it ends. For example: The power of attorney is only for this transaction, then it no longer is valid for any other transactions. A power of attorney can also be revoked, by the person him/herself.

When you create a power of attorney, you are able to decide the following things: First, who the agent will be, second what powers they will have, and third, when it becomes effective and finally fourth, if there are any contingencies limiting or extending the contract.

You can designate to give limited power to an agent for the following:

Real Estate Transactions

Other property transactions

Transactions regarding stocks and bonds or other commodities or options

Banking transactions, annuities etc.

Business operation transactions

Insurance transactions

Estate and trust transactions

Court and litigation

Personal dealings

Governmental programs, civil or military service benefits from Social Security or Medicare

Retirement planning

Tax obligations

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