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Who Needs a Financial Power of Attorney?

In addition to Federal Inheritance Tax, the types and amounts of tax due upon death vary by state. Only six states have inheritance taxation; Texas does not have a state tax on estates or inheritance. At Harris Cook, LLP, our Estate Planning attorneys work with Texans who want to plan for the best future that will result in minimum taxation. We can help you set up individualized plans to manage your estate if you are incapacitated and to smooth the transition of assets and property to your heirs and benefi

There are times in life and after death when you will need to have someone else take care of your financial affairs. During your lifetime, this is easily accomplished by having an attorney from Harris Cook, LLP, create a durable Power of Attorney (POA) document to legally give another person you trust the right to act for you, on your behalf, for financial matters. Other types of Powers of Attorney are also used for other reasons, like medical care decisions, and so on. Some are general, some are specific, some last for a specified period of time, while others are durable and continue to be in effect even after you are declared to be incompetent.

At Harris Cook, LLP, our experienced Estate Planning attorneys can help you determine which documents you should have drawn up and filed for future use. It is important to take care of this matter in advance, because there is no way to know at what exact point in time you will need these legal documents to become active. Fortunately, these papers can be adjusted and changed easily, without a lot of expense.

Who Needs a Financial POA?

Anyone who has some financial assets or sizeable accounts needs a Financial Power of Attorney. If you have high net worth, this is a critical document to create. You have worked hard to acquire your financial status; it only makes sense that you protect those assets. If something should happen to render you incompetent to handle your own financial affairs, someone needs to be able to pay bills, transfer funds and make other transactions on your behalf. Using a power of attorney  to appoint this person yourself, saves the time and expense of having to have a Probate Judge appoint a guardian to manage your finances and care under the supervision of the Probate Court.

We encourage everyone to examine their financial status regularly, and to update all necessary legal documents accordingly. Things change over time, as people accumulate more assets, change their marital status, retire, and so forth. This is an important task, not to be avoided or overlooked. Your durable Financial POA is a valuable tool to use in your Estate Planning; Harris Cook, LLP, attorneys work hard on your behalf to make sure all your legal documents are valid and properly filed in a timely manner, to be and stay effective.

What is in a Financial Power of Attorney?

When you draw up a durable Financial Power of Attorney, it transfers power to your designated representative to act on your behalf. They can then be your agent for handling all types of financial details and transactions. They can access your mail, deposit or cash your Social Security checks, and file tax returns for you. The main ingredient in a Financial Power of Attorney of any type is the name of your trusted agent. Because this person has a great deal of power, it is important that you choose someone you can trust to perform these duties.

If you are over 18, it is time to consider creation of a Financial Power of Attorney to protect your financial interests, no matter how small or how large. Learn more by contacting the Harris Cook, LLP, law offices in Arlington, TX, Mansfield or Flower Mound. Call us now, at (817) 275-8765.

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