Financial Powers of Attorney

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 appoint … Read 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 more … Read More

To Spring or Not to Spring a Durable Power of Attorney

Every adult should have a durable power 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, financial and legal transactions on your behalf. It is called “durable” because it does not terminate if … Read More

Can An Agent Use Principal’s Money to Purchase Real Estate for Herself?

Last week, I received a note from someone who was serving as her 97 year old mother’s attorney in fact. She wanted to cash out some of her mother’s stock and use the proceeds to purchase real estate. She asked whether it would be okay to list herself on the title of the property she … Read More

How Do I Manage Someone Else’s Money?

If you are serving as a financial caregiver, you likely have a lot of questions about your responsibilities. The Consumer Financial Protection Bureau recently released some booklets that may help answer them. Whether you’re an agent under a power of attorney, a court-appointed guardian, a trustee or a government fiduciary, the “Managing Someone Else’s Money” … Read More

Sign A Durable Power of Attorney Before It’s Too Late

I got a message recently from a woman with questions about getting a power of attorney to handle her ailing father’s financial affairs. Her father was in a nursing home. He was suffering from dementia and was no longer capable of handling his finances. Because of his cognitive impairment, it was too late for him … Read More