This article explains, in plain terms, what a Durable Power of Attorney (DPOA) is, when it begins, when it ends, and what it allows an agent to do. It also clarifies why a Durable Power of Attorney is not a substitute for a Will, and why planning early matters. The information is based on Texas […]
Can An Incapacitated Person Make or Revoke a Durable Power of Attorney?
Generally, you can amend your durable power of attorney by signing a new durable power of attorney. You also have the right to revoke or terminate your durable power of attorney. But is it possible to make a durable power of attorney or revoke one you have previously signed after you have become incapacitated? What […]
What is a Texas Durable Power of Attorney?
A durable power of attorney is a written document that authorizes another person, known as an agent, to engage in specified business, financial and legal transactions on your behalf. It is called “durable” because it does not terminate if you become disabled or incapacitated. What are the requirements of a durable power of attorney in […]
To Spring or Not to Spring a Durable Power of Attorney
Every adult residing in Texas should have a Texas durable power of attorney. Below are answers to some commonly asked questions regarding durable powers of attorney: What is a Durable Power of Attorney? A durable power of attorney is a document that will allow you to appoint someone you trust to engage in specified business, […]
Can Agent Override Decisions of Person Granting Power of Attorney?
Con artists often target the elderly because isolation and declining cognitive ability makes them more vulnerable to fraud. Consumer Reports estimated that seniors and their families lose $3 billion to more than $30 billion to fraud each year. Con Artists Target Seniors I learned of a real example of such a fraud from a woman […]
Avoiding Guardianship in Old Age
A few weeks ago, a client alerted me to an episode of the John Oliver show about guardianships gone wrong. A guardian is someone appointed by a court to act on behalf of a person who is unable to make responsible decisions regarding his or her daily affairs because of their age, disability, injury, or […]
When Can a Financial Institution Reject a Durable Power of Attorney in Texas?
Effective September 1, 2017, a person to whom a durable power of attorney is presented must accept a durable power of attorney except unless: The person is not otherwise required to engage in a transaction with the principal under the same circumstances. For example, when an agent tries to open a bank account and the principal is […]
Recent Changes to Durable Power of Attorney Statute
The legislature made several beneficial changes to the Durable Powers of Attorney statute that went into effect on September 1, 2017. Below are a few of the most significant changes: Prior to September 1, 2017, financial institutions routinely rejected financial durable powers of attorney for a myriad a reasons. The statute now identifies eleven specific […]
Is A Financial Institution Required To Accept A Durable Power Of Attorney?
Before September 1, 2017, financial institutions routinely rejected durable powers of attorney for a multitude of reasons. A colleague once told me that a bank rejected her client’s power of because two months had elapsed since the client had signed it and the financial institution argued it was “stale” even though the power of attorney had […]
What are the Requirements of a Valid Durable Power of Attorney in Texas
A durable power of attorney is a document that will allow you, the principal, to appoint someone you trust (an agent) to engage in specified business, financial and legal transactions on your behalf. For purposes of the Texas Durable Power of Attorney statute, a durable power of attorney is valid if: It is a writing […]