There may come a time when you need someone in Texas to take on some of your financial responsibilities. The cause could be a trip out of the country, incapacitation because of a car accident or even age and dementia. We at Doehring & Doehring Attorneys at Law understand that designating fiduciary representation is an essential component of estate planning.
According to the Texas Estates Code, you may fill out a statutory durable power of attorney form to designate an agent to perform certain functions on your behalf. This particular power of attorney does not include medical or other health care decision-making authority. The form does have many options for you to choose, and your agent will have only the specific powers that you initial on the form. These include transactions involving real and personal property, retirement plans, estate planning, insurance, annuities, stocks and bonds, commodities and options, and business matters. You may also have your agent deal with matters involving the following:
- Taxes
- Family and personal maintenance
- Banking and finances
- Litigation and claims
- Income benefits from government programs such as Social Security and Medicare
You may also include other special instructions for your agent. If you want your fiduciary representative to be able to sign home equity loan documents for you, you and your agent must sign the durable power of attorney form at either the office of your lender, at a title company or in front of an attorney.
You will have to identify whether you want your agent’s authority to begin at the point when you become incapacitated, or if the power of attorney will not be affected if you become disabled or incapacitated. Many considerations may influence your decisions regarding each option available. For more information about estate planning solutions, please visit our webpage.