Power Of Attorney For Financial Matters Texas

Texas has separate power of attorney requirements for financial matters and for healthcare.

Power of attorney for financial matters texas.

Both are known in legal terms as advance directives generally the law addresses. Texas power of attorney forms enables an individual to choose a trusting person called an agent or attorney in fact to make financial medical parental guardianship minor child and vehicle related decisions on their behalf. The texas power of attorney act which is contained in chapter 7 of the texas probate code allows a resident to transfer financial and health care decision making powers to another individual. Power of attorney basics a power of attorney is a legal document whereby one person called the principal gives another person called the agent or the attorney in fact the authority to take certain actions on behalf of the principal.

It does not permit the agent to make decisions about the principal s health care. In texas there are several kinds of powers of attorney that will grant the agent the right to accomplish different things on the principal s behalf. There are also special forms referred to as durable that allow the document to remain effective even if the. It is a financial durable power of attorney this means that it only allows the agent to handle financial matters.

A medical power of attorney and a financial power of attorney are typically created in separate legal documents. A power of attorney is a written document that authorizes someone referred to as the agent to make decisions or take actions on someone else s known as the principal behalf. A power of attorney lets you appoint someone you trust to handle important financial and legal matters on your behalf either immediately or only if you are unable to make decisions for yourself.