General Durable Power of Attorney

Frequently included as part of a complete estate plan, a General Durable Power of Attorney enables you to choose someone to make financial, business and legal decisions on your behalf during your lifetime when you cannot make those decisions yourself. It does not empower someone to make healthcare decisions on your behalf.

You, as the person creating the durable power of attorney, are known as the “principal.” The individual given the power to act in your place is called your “agent” or your “attorney-in-fact.”

A durable power of attorney offers you flexibility in managing your affairs. You can grant your agent the power to act now in helping you manage your affairs. For example, as a convenience to you, your agent can handle your affairs while you’re having day surgery next week or while you’re traveling out of the country next summer.

If you choose, you can grant your agent the power to act only upon the event of your incapacity. You can also choose to make your power of attorney effective now and remain effective until the end of your life.  If you want, you can limit the time frame of your agent’s power, as well as limit the specific powers you grant your agent.

in Texas, a durable power of attorney is governed by state law; hence, the formal reference to it as a “statutory durable power of attorney.” In 2017, the state legislature made several changes to the statute that enhance the utility of this critical estate planning tool. The new law added protections, conveniences and even more flexibility for both principals and agents acting under a Texas statutory durable power of attorney. Now, for example:

• You, as principal, are entitled to appoint more than one agent, and these agents can act independently of each other unless the durable power of attorney states otherwise;
• You, as principal, can name someone to appoint additional successor agents.
• You, as principal, may authorize your agent(s) to delegate authority to a third party such as a bank.
• You, as principal, may authorize your agent(s) to create a living trust, name beneficiaries, or even make gifts from your assets.
• A durable power of attorney created in another state is valid in Texas as long as it complies with that state’s laws or with federal law.
• A photocopy or computer scan of a durable power of attorney is as legally valid as the original unless the original power of attorney itself states otherwise.
• Your properly notarized signature to a durable power of attorney is presumed to be valid. To deny it, a third party must prove your signature is invalid.

We’ll guide you through all that a durable power of attorney has to offer. But first and foremost, we’ll hear you out. Understanding your goals will shape our strategy for you. We’re here to discuss your options.