texas fiduciary

Choosing your agent for a POA is serious stuff!

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Many people know they can find the Statutory Power of Attorney form online.  But what they do not usually understand is the extent of the authority they are giving to their agent and how the form needs to be filled out properly to be accepted once incapacity occurs.

Giving a person agency over your financial affairs means they step into your shoes and can do all kinds of things, such as, sell your house, cars, spend your money, make investments on your behalf, etc. Therefore you should makes sure you do not not give away too much authority!

Texas law does provide that an agent under a power of attorney owes the principal a fiduciary duty.  However, many times it is all but difficult to recover lost money or assets because the agent has already spent the money or disposed of the assets.  Power-of-attorney

Therefore, the important lesson is to choose your agent carefully and use an attorney to make sure the POA does exactly what you need it too!

 

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