Who needs a Texas Statutory Durable Power of Attorney?
A person who is going to grant their agent legal rights to dispose of their property in Texas should complete and sign the Durable Power of Attorney.
What is for?
This legal document allows the agent to act on behalf of the signer, carrying out operations with the signer’s property and representing signer’s interests in state institutions. Following transactions can be performed by the agent after signing the Durable Power of Attorney:
- Real property transactions;
- Tangible personal property transactions;
- Stock and bond transactions;
- Commodity and options transactions;
- Banking and other financial institution transactions;
- Business operating transactions;
- Insurance and annuity transactions;
- Estate, trust, etc., and any beneficiary transactions;
- Claims and litigation;
- Benefits from social security, Medicare, Medicaid, or other governmental, civil or military service;
- Retirement plan transactions;
- Tax matters.
Is accompanied by other forms?
Texas Statutory Durable Power of Attorney is a completely self-contained document, which does not require any accompaniment.
When is due?
Texas Statutory Durable Power of Attorney does not lose its validity even if the signer can no longer make their own decisions regarding the management of their property. This document can be amended or changed only by executing a new Durable Power of Attorney or through the termination process.
How do I fill out?
To withhold a power, a person who is filling out the form must cross out each power withheld from the list on the first page of the document. If no power listed is crossed out, it means that a person grants a general power of attorney to an agent with the right to perform or undertake any action that a person could perform or undertake by itself. In order to be completed, this form should be signed and dated.
Where do I send?
The original of the document should be transmitted to the person specified as an agent by this document.