This form is a durable power of attorney. The form provides that the agent of the principal is only authorized to use the principal's funds for the best interest of the principal. If the agent fails to comply with principal's instructions, the agent then may be liable for criminal charges or civil liability.
Power Of Attorney Form For Texas
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How to fill out Arizona Durable Power Of Attorney?
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The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
In order for this power of attorney to be valid it must be notarized, but it doesn't need to be signed by any witnesses like a will does. You do not need to file a power of attorney at the courthouse unless you want your agent to be able to act on your behalf in regards to a real estate transaction.
The POA must be dated and signed by the principal before a notary public or other person authorized in Texas or any other state to "take acknowledgments to deeds of conveyance" and administer oaths.
You can work with an attorney, use estate planning software or download Texas' Statutory Durable Power of Attorney or Medical Power of Attorney Designation of Health Care Agent forms to print and fill out yourself. Choose your agent and detail the authority you'd like them to have.
One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agent's activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.