What are the specific powers I should consider including in a Durable Power of Attorney to best manage my assets and healthcare decisions in Texas?

A durable power of attorney remains effective even after the principal becomes incapacitated, unlike a general power of attorney, which ends when the principal becomes incapacitated.

Under Section 751.00201 of the Texas Estates Code, a person is deemed “incapacitated” for the purposes of a durable power of attorney when they are unable to manage their financial affairs, as determined by a medical examination. A written statement from the examining physician is required to confirm this incapacity.

The legal framework for a durable power of attorney in Texas is provided in Section 752.051 of the Texas Estates Code. Specifically, it pertains to a financial durable power of attorney, authorizing the agent to manage financial transactions only and not health care decisions.

Duration:

According to Section 751.131 of the Texas Estates Code, a durable power of attorney remains in effect until any of the following occurs:

• The principal passes away;
• The principal revokes the power of attorney;
• The termination conditions outlined in the power of attorney are met;
• The agent’s authority is ended as per Texas Estates Code 751.132, and there is no successor agent named in the document; or
• A guardian is appointed for the principal.
• In the event of a divorce, annulment, or declaration of the marriage as void, the authority of a spouse named as the agent is terminated, as stated in Section 751.132 of the Texas Estates Code.

Why is it necessary?

A durable power of attorney is a critical tool for managing your financial matters, including assets and investments, should you become incapable of managing them yourself. For assistance with durable powers of attorney in Texas, contact the Law Office of Dana Baker at 979-310-5507.