Power of Attorney: Before and After 2017

Power of Attorney: Before and After 2017

In Texas, a Statutory Durable Power of Attorney is the legal document that you would use so that you, the “Principal”, can name someone, the “Agent”, to have the authority to handle your financial or business affairs if you’re unable to. A Statutory Durable Power of Attorney (“DPOA”) can be a very helpful legal tool to ensure that there’s no disruption to your personal business or finances in a temporary emergency or a long-term crisis like permanent disability. A DPOA can usually help avoid a court being involved if those types of issues come up. A DPOA can give your A111gent very limited, narrow power to handle your affairs or very expansive, broad power depending on your circumstances. Either way, your Agent should be someone that you really trust. Your Agent has to act as your fiduciary in a way that is loyal to you and your interests without doing things that benefit themselves. Not only that, but an Agent acting as a fiduciary to a Principal has to be able to prove they’re acting with fiduciary duty by providing a very specific accounting upon request. In 2017, the Texas legislature did a major overhaul to the laws regarding DPOAs. One of the major changes was that if the DPOA was signed before those changes are made, there are significant differences in how the law handles fiduciary duty. If you signed a DPOA as a principal before 2017 or if you were named as an agent in a DPOA that was signed before 2017, you might be operating under a legal standard that is much more complicated than it is now. Those complications could cause a lot of financial and personal problems that you’re unaware of. To ensure that you have the correct Texas-based DPOA that specifically fits your needs, you should consult with a licensed, Texas attorney.