Estate Power of Attorney Form in Texas

Laws in the United States provide several tools to help plan the administration of property and other estate related matters. The Office of the Attorney General will not (and can not) advise you on any of these legal issues. Other resources are available however, to help you prepare your estate power of attorney form and other legal documents.

Living Trusts as part of advanced estate planning

A living trust is an estate power of attorney form that is created while you are alive and mentally competent. It is a legal agreement which is used to allow another person (or other legal entity) to assist in managing your equitable assets during your life and to properly distribute your finances and assets upon your death.

The "grantor," or person wishing to create a living will, transfers ownership of their property and financial assets to the "agent", or the party that agrees to carry out your wishes. A living trust should not be confused with a living will, a legal document that represents your health care decisions weather to be kept alive or not if you are terminally ill, or seriously injured.

Whether a living trust is an appropriate estate power of attorney form or not depends on your personal estate and financial standing, and your health condition. Living trusts are often more appropriate for someone who is facing a serious incapacity like cancer or Multiple Sclerosis.

One should weigh the possible benefits or drawbacks of a power of attorney form with attorneys, legal financial planners, and accountants who are experienced with such planning.

An estate POA should include the power to:

Amend any trusts you have set up(or create them on your behalf)
Manage, control and transfer all financial assets
Distribute gifts on your behalf
Respond to any IRS or other tax issues on your behalf

Physical transfer of money and assets is not required when you create an estate power of attorney. It is a good idea however, to keep the agent that you have chosen somewhat informed of your ongoing financial position.

This has been a somewhat cursory examination of the estate power of attorney form. It is intended to provide you with the basis from which to study more verbose materials and create the best protective document for your finances and assets. The Internet and your local library are excellent sources of material to help you learn what type of power of attorney document is right for you.