Reasons to Create Statutory Durable Powers of Attorney

 Posted on June 21, 2024 in Estate Planning

Aging generally brings with it a need to have plans in place for the future. People want to make sure their finances are in order, and their medical wishes for a variety of scenarios are stated clearly so that if at some point in the future, they are not able to speak up for themselves and say what they want, someone can do it for them based on what they have said they would want in that situation. You can draft a legal document known as a statutory durable power of attorney (SDPOA), which allows you to appoint someone else, otherwise known as an attorney-in-fact or agent. This agent has the authority to make various decisions for you in the hypothetical event that you become incapacitated and unable to express your wishes. If you are interested in creating an SDPOA, speak with a qualified Denton County, TX elder law attorney to find out more.

Why Is an SDPOA Necessary?

When you set up an SDPOA, you are considered the “principal,” and you can appoint an agent who can make legal or financial decisions for you. You can establish an SDPOA to be effective immediately or once you are incapacitated. Your appointed agent will then be able to manage your finances, pay your bills, invest funds, and handle other issues for you.

 People often decide to establish an SDPOA for any of the following reasons:

• Peace of mind: Knowing there is someone who can make decisions on your behalf based on your actual wishes can provide you with incomparable peace of mind.
• Protection in case of incapacity: As the risk increases of developing conditions like Alzheimer’s, dementia, or other cognitive impairments, the ability to make informed decisions and express them decreases. If that happens, an SDPOA can make sure that decisions will be made with your best interest in mind.
• Avoidance of guardianship: Sometimes, the court needs to appoint a guardian to manage someone’s affairs if they are unable to do so themselves. The process of appointing a guardian can take a lot of time and money. When there is an SDPO, guardianship proceedings are unnecessary.

It should be noted that an SDPOA does not cover medical matters. For those types of decisions, you need a healthcare directive or medical power of attorney.

Contact a Flower Mound, TX Estate Planning Lawyer

If you are beginning to feel the effects of aging, speak with a skilled Denton County, TX estate planning attorney to see whether it might be time to consider creating an SDPOA. At Colbert Law Group PLLC, we appreciate how hard you have worked to accumulate your estate, and we understand how important it is to protect it. Call us at 972-724-3338 so we can review your assets and help guide you on how best to protect them.