Statutory

Texas’s statutory form of durable power of attorney is found in Section 752.051 of the Texas Estates Code. It is a Financial Durable Power of Attorney. This means that it only allows the agent to handle financial matters. It does not permit the agent to make decisions about the principal’s health care, medical, or livelihood.

A durable statutory power of attorney is vital to ensuring that your interests are protected in the event that you cannot make decisions for yourself. For example, an aging parent may sign a power of attorney giving his or her child the power to make important financial and legal decisions on their behalf if they become incapacitated. If that parent slips into dementia, their child/agent can then ensure that their bills are paid, any legal matters are attended to, and their taxes are handled (consistent with the terms of the statutory power of attorney).

What is covered by a Statutory Durable Power Of Attorney?

When an individual (principal) gives someone they trust (agent) the authority to handle financial matters on their behalf, they can rest assured that their intentions and best interests will be well looked after. A statutory durable power of attorney can give the agent important decision-making power for important matters such as: 

• Banking and other financial institution transactions

• Benefits from Social Security, Medicare, Medicaid, or other governmental programs or civil or military service

• Business operating transactions

• Claims and litigation

• Commodity and option transactions

• Digital assets and the content of an electronic communication

• Estate, trust, and other beneficiary transactions

• Insurance and annuity transactions

• Personal and family maintenance

• Real property transactions

• Retirement plan transactions

• Stock and bond transactions

• Tangible personal property transactions

• Tax matters

For matters regarding statutory durable power of attorney, it’s important to have the correct forms and documents submitted, notarized, witnessed, and such. For that reason, it is important to work with attorneys with experience and expertise in navigating the procedures involved.  

If you or a family member is in need of a Durable Power of Attorney, it’s important to retain an experienced attorney to assist in these matters. The Barrera Law Firm can provide free phone consultations.