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Texas power of attorney can be as specific circumstances warrant

There could be a lot of people in Texas who believe that all estate planning documents have to do with a person's death. However, there is one document, among others, that expressly comes into play when a person becomes incapacitated or is somehow unable to make decisions on his or her own. A power of attorney, as it is called, may be as general or specific as a person needs it to be.

When it comes to Texas powers of attorney, trust is often at the center of how the document is structured. Most people aren't willing to turn total control of their lives over to anyone, except perhaps a spouse or child. However, even then, a person may not feel comfortable giving total control to just one person.

For this reason, powers of attorney can be specific. For instance, one person may have the ability to pay the bills, while another person has the right to take out loans on behalf of the maker. Then, it is also possible to limit the power of attorney in time. For instance, if a person is going on an extended trip and needs someone to handle day-to-day financial activities only while that person is on the trip, the power of attorney can be limited to the duration of that trip only.

Having the ability to tailor make a power of attorney is one of the most attractive elements of this document. It can give a trusted loved one, friend or adviser as much or as little decision making power as the maker desires. More than that, a power of attorney can give the maker the peace of mind that their affairs will be taken care of in the event he or she is unable to handle things due to a subsequent incapacity.

Source: MarketWatch, A guide to power of attorney for your parents, Harper Willis, Oct. 8, 2013

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