Financial Powers of Attorney

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 … Read More

What is a Texas Medical Power of Attorney?

A Texas medical power of attorney is a document that allows you, the principal, to designate a trusted family member or friend to make medical decisions for you if you become unconscious or mentally incapable of making those decisions for yourself. The person you designate to make medical decisions for you is called an agent. … Read More

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 … Read More

Can An Incapacitated Person Make or Revoke a Durable Power of Attorney?

A Texas durable power of attorney is an important document. It authorizes another person to handle financial affairs on your behalf. If you don’t have a durable power of attorney and become incapacitated, a guardianship may be necessary. Guardianships are expensive and cumbersome and can be avoided with a durable power of attorney. Generally, you … Read More

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 … Read 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 specific … Read More