Financial Powers of Attorney

When Can a Financial Institution Reject a Durable Power of Attorney in Texas?

E&ffective 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 isRead More

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 specificRead More

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 hadRead More

What are the Requirements of a Valid Durable Power of Attorney in Texas

<span class=”dropcap”>A</span> 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 aRead More

Can a Bank Reject a Valid Power of Attorney?

NB: The following post reflects old law. Effective September 1, 2017, the Estates Code requires financial institutions to accept powers of attorney unless one or more enumerated grounds for refusal exist. See Texas Estates Code Section 751.201. Every adult should have a durable power of attorney. A durable power of attorney allows you to appointRead More

Can Agent Override Decisions of Person Granting Power of Attorney?

I recently received a phone call from a woman whose parents had been victimized and had lost their entire retirement savings to Nigerian con artists. 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 moreRead More