|
SECTION 1. Section 752.051
of the Texas Estates Code is amended to read as follows:
SUBCHAPTER B. FORM OF
STATUTORY DURABLE POWER OF ATTORNEY
Text of section effective on
January 01, 2014
Sec. 752.051. FORM. The
following form is known as a "statutory durable power of
attorney":
STATUTORY DURABLE POWER OF
ATTORNEY
NOTICE: THE POWERS GRANTED BY
THIS DOCUMENT ARE BROAD AND SWEEPING. THEY ARE EXPLAINED IN THE DURABLE
POWER OF ATTORNEY ACT, SUBTITLE P, TITLE 2, ESTATES CODE. IF YOU HAVE ANY
QUESTIONS ABOUT THESE POWERS, OBTAIN COMPETENT LEGAL ADVICE. THIS DOCUMENT
DOES NOT AUTHORIZE ANYONE TO MAKE MEDICAL AND OTHER HEALTH-CARE DECISIONS
FOR YOU. YOU MAY REVOKE THIS POWER OF ATTORNEY IF YOU LATER WISH TO DO SO.
DESIGNATION OF AGENT
I
name the following
(Name of Principal) person
as my agent:
Name of Agent:
Agent's Address:
Agent's Telephone Number:
DESIGNATION OF SUCCESSOR
AGENT(S) (OPTIONAL)
If my agent is unable or
unwilling to act for me, I name as my successor agent:
Name of Successor Agent:
Successor Agent's Address:
Successor Agent's
Telephone Number:
If my successor agent is
unable or unwilling to act for me, I name as my second successor agent:
Name of Second Successor
Agent:
Second Successor Agent's
Address:
Second Successor Agent's
Telephone Number:
GRANT OF GENERAL AUTHORITY
I grant my agent and any
successor agent general authority to act for me with respect to the following subjects as defined in Subtitle P,
Title 2, Estates Code:
(INITIAL each subject you
want to include in the agent's general authority.
If you wish to grant
general authority over all of the subjects you may initial "ALL OF THE
POWERS LISTED IN (A)-(M)" instead of initialing each subject.)
(A) real property
transactions;
(B) tangible personal
property transactions;
(C) stock and bond
transactions;
(D) commodity and option
transactions;
(E) banking and other
financial institution transactions;
(F) business operating
transactions;
(G) insurance and annuity
transactions;
(H) estate, trust, and
other beneficiary transactions;
(I) claims and
litigation;
(J) personal and family
maintenance;
(K) benefits from social
security, Medicare, Medicaid, or other governmental programs or civil or
military service;
(L) retirement plan
transactions;
(M) tax matters;
(N) ALL OF THE POWERS
LISTED IN (A) THROUGH (M). YOU NEED NOT INITIAL ANY OTHER LINES IF YOU
INITIAL LINE (N).
GRANT OF SPECIFIC AUTHORITY (OPTIONAL)
My agent MAY NOT do any of the following specific acts for me UNLESS
I have INITIALED the specific authority listed below:
(CAUTION: Granting any of the following will give your agent the
authority to take actions that could significantly reduce your property or
change how your property is distributed at your death.
INITIAL ONLY the specific authority you WANT to give your agent.)
(A) Create, amend, revoke, or terminate an inter vivos trust
(B) Make a gift, (1)
outright or for the benefit of, a person, of the principal's property,
including by the exercise of a presently exercisable general power of
appointment held by the principal, in an amount per donee not to exceed the
annual dollar limits of the federal gift tax exclusion under Internal
Revenue Code Section 2503(b), 26 U.S.C. Section 2503(b), [as amended,] without regard to whether the federal gift tax
exclusion applies to the gift, or if the principal's spouse agrees to consent
to a split gift pursuant to Internal Revenue Code Section 2513, 26 U.S.C.
2513, [as amended,] in an amount per donee not to exceed twice the annual
federal gift tax exclusion limit; and (2) consent, pursuant to Internal
Revenue Code Section 2513, 26 U.S.C. Section 2513, [as amended,] to the
splitting of a gift made by the principal's spouse in an amount per donee
not to exceed the aggregate annual gift tax exclusions for both spouses.
Additionally, this power of attorney may contain other special special
instructions.
(C) Create or change rights of survivorship
(D) Create or change a beneficiary designation
(E) Authorize another person to exercise the authority granted under
this power of attorney
(F) Waive the principal's right to be a beneficiary of a joint and
survivor annuity, including a survivor benefit under a retirement plan
(G) Exercise fiduciary powers that the principal has authority to
delegate
[(H) Disclaim or refuse an interest in property, including a power
of appointment]
LIMITATION ON AGENT'S AUTHORITY
An agent that is not my ancestor, spouse, or descendant MAY NOT use
my property to benefit the agent or a person to whom the agent owes an
obligation of support unless I have included that authority in the Special
Instructions.
SPECIAL INSTRUCTIONS
(OPTIONAL)
You may give special
instructions on the following lines:
EFFECTIVE DATE
This power of attorney is
effective immediately unless I have stated otherwise in the Special
Instructions.
NOMINATION OF [CONSERVATOR OR GUARDIAN] (OPTIONAL)
If it becomes necessary for a court to appoint a [conservator or
guardian] of my estate or [guardian] of my person, I nominate the following
person(s) for appointment:
Name of Nominee for [conservator or guardian] of my estate:
Nominee's Address:
Nominee's Telephone Number:
Name of Nominee for [guardian] of my person:
Nominee's Address:
Nominee's Telephone Number:
RELIANCE ON THIS POWER OF
ATTORNEY
Any person, including my
agent, may rely upon the validity of this power of attorney or a copy of it
unless that person knows it has terminated or is invalid.
SIGNATURE AND
ACKNOWLEDGMENT
Your Signature Date
Your Name Printed
Your Address
Your Telephone Number
State
of
[County]
of
This document was
acknowledged before me on
,
(Date)
by .
(Name of Principal)
(Seal)
Signature of Notary
My commission
expires:
[This document prepared
by:
]
IMPORTANT INFORMATION FOR
AGENT
Agent's Duties
When you accept the
authority granted under this power of attorney, a special legal
relationship is created between you and the principal. This relationship
imposes upon you legal duties that continue until you resign or the power
of attorney is terminated or revoked. You must:
(1) do what you know the principal reasonably expects you to do with
the principal's property or, if you do not know the principal's
expectations, act in the principal's best interest;
(2) act in good faith;
(3) do nothing beyond the
authority granted in this power of attorney; and
(4) disclose your
identity as an agent whenever you act for the principal by writing or
printing the name of the principal and signing your own name as
"agent" in the following manner:
(Principal's Name) by
(Your Signature) as Agent
Unless the Special Instructions in this power of attorney state
otherwise, you must also:
(1) act loyally for the principal's benefit;
(2) avoid conflicts that would impair your ability to act in the
principal's best interest;
(3) act with care, competence, and diligence;
(4) keep a record of all receipts, disbursements, and transactions
made on behalf of the principal;
(5) cooperate with any person that has authority to make health-care
decisions for the principal to do what you know the principal reasonably
expects or, if you do not know the principal's expectations, to act in the
principal's best interest; and
(6) attempt to preserve the principal's estate plan if you know the
plan and preserving the plan is consistent with the principal's best
interest.
TERMINATION OF AGENT'S
AUTHORITY
You must stop acting on
behalf of the principal if you learn of any event that terminates this
power of attorney or your authority under this power of attorney. Events
that terminate a power of attorney or your authority to act under a power
of attorney include:
(1) death of the
principal;
(2) the principal's
revocation of the power of attorney or your authority;
(3) the occurrence of a
termination event stated in the power of attorney;
(4) the purpose of the power of attorney is fully accomplished;
or
(5) if you are married to
the principal, a legal action is filed with a court to end your marriage,
or for your legal separation, unless the
Special Instructions in this power of attorney state that such an action
will not terminate your authority.
Liability of Agent
The meaning of the
authority granted to you is defined in the Uniform Power of Attorney Act
[insert citation]. If you violate the Uniform Power of Attorney Act
[insert citation] or act outside the authority granted, you may be liable
for any damages caused by your violation.
[I,
__________ (insert your name and address), appoint __________ (insert the
name and address of the person appointed) as my agent (attorney in fact) to
act for me in any lawful way with respect to all of the following powers
except for a power that I have crossed out below.
[
TO WITHHOLD A POWER, YOU MUST CROSS OUT EACH POWER WITHHELD.
[Real
property transactions;
[Tangible
personal property transactions;
[Stock
and bond transactions;
[Commodity
and option transactions;
[Banking
and other financial institution transactions;
[Business
operating transactions;
[Insurance
and annuity transactions;
[Estate,
trust, and other beneficiary transactions;
[Claims
and litigation;
[Personal
and family maintenance;
[Benefits
from social security, Medicare, Medicaid, or other governmental programs or
civil or military service;
[Retirement
plan transactions;
[Tax
matters.
[IF
NO POWER LISTED ABOVE IS CROSSED OUT, THIS DOCUMENT SHALL BE CONSTRUED AND
INTERPRETED AS A GENERAL POWER OF ATTORNEY AND MY AGENT (ATTORNEY IN FACT)
SHALL HAVE THE POWER AND AUTHORITY TO PERFORM OR UNDERTAKE ANY ACTION I
COULD PERFORM OR UNDERTAKE IF I WERE PERSONALLY PRESENT.
[SPECIAL
INSTRUCTIONS:
[Special
instructions applicable to gifts (initial in front of the following
sentence to have it apply):
[I
grant my agent (attorney in fact) the power to apply my property to make
gifts, except that the amount of a gift to an individual may not exceed the
amount of annual exclusions allowed from the federal gift tax for the
calendar year of the gift.
[ON
THE FOLLOWING LINES YOU MAY GIVE SPECIAL INSTRUCTIONS LIMITING OR EXTENDING
THE POWERS GRANTED TO YOUR AGENT.
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
[UNLESS
YOU DIRECT OTHERWISE ABOVE, THIS POWER OF ATTORNEY IS EFFECTIVE IMMEDIATELY
AND WILL CONTINUE UNTIL IT IS REVOKED.
[CHOOSE
ONE OF THE FOLLOWING ALTERNATIVES BY CROSSING OUT THE ALTERNATIVE NOT
CHOSEN:
[(A)
This power of attorney is not affected by my subsequent disability or
incapacity.
[(B)
This power of attorney becomes effective upon my disability or incapacity.
[YOU
SHOULD CHOOSE ALTERNATIVE (A) IF THIS POWER OF ATTORNEY IS TO BECOME
EFFECTIVE ON THE DATE IT IS EXECUTED.
[IF
NEITHER (A) NOR (B) IS CROSSED OUT, IT WILL BE ASSUMED THAT YOU CHOSE
ALTERNATIVE (A).
[If
Alternative (B) is chosen and a definition of my disability or incapacity
is not contained in this power of attorney, I shall be considered disabled
or incapacitated for purposes of this power of attorney if a physician
certifies in writing at a date later than the date this power of attorney
is executed that, based on the physician's medical examination of me, I am
mentally incapable of managing my financial affairs. I authorize the
physician who examines me for this purpose to disclose my physical or
mental condition to another person for purposes of this power of attorney.
A third party who accepts this power of attorney is fully protected from
any action taken under this power of attorney that is based on the
determination made by a physician of my disability or incapacity.
[I
agree that any third party who receives a copy of this document may act
under it. Revocation of the durable power of attorney is not effective as
to a third party until the third party receives actual notice of the
revocation. I agree to indemnify the third party for any claims that arise
against the third party because of reliance on this power of attorney.
[If
any agent named by me dies, becomes legally disabled, resigns, or refuses
to act, I name the following (each to act alone and successively, in the
order named) as successor(s) to that agent: __________.
[Signed
this ______ day of __________, _____________
[__________________________
[(your
signature)
[State
of _______________________
[County
of ______________________
[This
document was acknowledged before me on ____________(date) by
________________________
[(name
of principal)
[_____________________________
[(signature
of notarial officer)
[(Seal,
if any, of notary) ________________________________________
[(printed
name)
[My
commission expires: _____________
[THE
ATTORNEY IN FACT OR AGENT, BY ACCEPTING OR ACTING UNDER THE APPOINTMENT,
ASSUMES THE FIDUCIARY AND OTHER LEGAL RESPONSIBILITIES OF AN AGENT.]
|
SECTION 1. Section 752.051,
Estates Code, as effective January 1, 2014, is amended to read as follows:
Sec. 752.051. FORM. The
following form is known as a "statutory durable power of
attorney":
STATUTORY DURABLE POWER OF
ATTORNEY
NOTICE: THE POWERS GRANTED
BY THIS DOCUMENT ARE BROAD AND SWEEPING. THEY ARE EXPLAINED IN THE DURABLE
POWER OF ATTORNEY ACT, SUBTITLE P, TITLE 2, ESTATES CODE. IF YOU HAVE ANY
QUESTIONS ABOUT THESE POWERS, OBTAIN COMPETENT LEGAL ADVICE. THIS DOCUMENT
DOES NOT AUTHORIZE ANYONE TO MAKE MEDICAL AND OTHER HEALTH-CARE DECISIONS
FOR YOU. YOU MAY REVOKE THIS POWER OF ATTORNEY IF YOU LATER WISH TO DO SO.
You should select someone you trust to serve as your agent (attorney
in fact). Unless you specify otherwise, generally the agent's (attorney in
fact's) authority will continue until:
(1) you die or revoke the power of attorney;
(2) your agent (attorney in fact) resigns or is unable to act for
you; or
(3) a guardian is appointed for your estate.
Substantially the same as
introduced version. (See below.)
Substantially the same as
introduced version. (See below.)
I, __________ (insert your
name and address), appoint __________ (insert the name and address of the
person appointed) as my agent (attorney in fact) to act for me in any lawful way with respect to all of
the following powers that I have initialed below.
TO GRANT ALL OF THE
FOLLOWING POWERS, INITIAL THE LINE IN FRONT OF (N) AND IGNORE THE LINES IN
FRONT OF THE OTHER POWERS LISTED IN (A) THROUGH (M).
TO GRANT A POWER, YOU MUST
INITIAL THE LINE IN FRONT OF THE POWER YOU ARE GRANTING.
TO WITHHOLD A POWER, DO
NOT INITIAL THE LINE IN FRONT OF THE POWER. YOU MAY, BUT DO NOT NEED TO,
CROSS OUT EACH POWER WITHHELD [except for a power that I have
crossed out below.
[TO WITHHOLD A POWER, YOU
MUST CROSS OUT EACH POWER WITHHELD].
____ (A) Real property
transactions;
____(B) Tangible
personal property transactions;
___ (C) Stock and bond
transactions;
____ (D) Commodity and
option transactions;
____ (E) Banking and other
financial institution transactions;
____ (F) Business
operating transactions;
____ (G) Insurance and
annuity transactions;
____ (H) Estate,
trust, and other beneficiary transactions;
____ (I) Claims and
litigation;
____ (J) Personal and
family maintenance;
____ (K) Benefits from
social security, Medicare, Medicaid, or other governmental programs or
civil or military service;
____ (L) Retirement
plan transactions;
____ (M) Tax matters;
____ (N) ALL OF THE POWERS
LISTED IN (A) THROUGH (M). YOU DO NOT HAVE TO INITIAL THE LINE IN FRONT OF
ANY OTHER POWER IF YOU INITIAL LINE (N).
[IF NO POWER LISTED ABOVE
IS CROSSED OUT, THIS DOCUMENT SHALL BE CONSTRUED AND INTERPRETED AS A
GENERAL POWER OF ATTORNEY AND MY AGENT (ATTORNEY IN FACT) SHALL HAVE THE
POWER AND AUTHORITY TO PERFORM OR UNDERTAKE ANY ACTION I COULD PERFORM OR
UNDERTAKE IF I WERE PERSONALLY PRESENT.]
SPECIAL INSTRUCTIONS:
Special instructions
applicable to gifts (initial in front of the following sentence to have it
apply):
____ I grant my agent
(attorney in fact) the power to apply my property to make gifts outright
to or for the benefit of a person, including by the exercise of a presently
exercisable general power of appointment held by me, except that the
amount of a gift to an individual may not exceed the amount of annual
exclusions allowed from the federal gift tax for the calendar year of the
gift.
ON THE FOLLOWING LINES YOU
MAY GIVE SPECIAL INSTRUCTIONS LIMITING OR EXTENDING THE POWERS GRANTED TO
YOUR AGENT.
________________________________________________________________
________________________________________________________________
UNLESS YOU DIRECT OTHERWISE
ABOVE, THIS POWER OF ATTORNEY IS EFFECTIVE IMMEDIATELY AND WILL CONTINUE UNTIL IT IS REVOKED.
CHOOSE
ONE OF THE FOLLOWING ALTERNATIVES BY CROSSING OUT THE ALTERNATIVE NOT
CHOSEN:
(A)
This power of attorney is not affected by my subsequent disability or
incapacity.
(B)
This power of attorney becomes effective upon my disability or incapacity.
YOU
SHOULD CHOOSE ALTERNATIVE (A) IF THIS POWER OF ATTORNEY IS TO BECOME
EFFECTIVE ON THE DATE IT IS EXECUTED.
IF
NEITHER (A) NOR (B) IS CROSSED OUT, IT WILL BE ASSUMED THAT YOU CHOSE
ALTERNATIVE (A).
If
Alternative (B) is chosen and a definition of my disability or incapacity
is not contained in this power of attorney, I shall be considered disabled
or incapacitated for purposes of this power of attorney if a physician
certifies in writing at a date later than the date this power of attorney
is executed that, based on the physician's medical examination of me, I am
mentally incapable of managing my financial affairs. I authorize the
physician who examines me for this purpose to disclose my physical or
mental condition to another person for purposes of this power of attorney.
A third party who accepts this power of attorney is fully protected from
any action taken under this power of attorney that is based on the
determination made by a physician of my disability or incapacity.
I agree that any third party
who receives a copy of this document may act under it. Revocation of the
durable power of attorney is not effective as to a third party until the
third party receives actual notice of the revocation. I agree to indemnify the third party for any claims
that arise against the third party because of reliance on this power of
attorney.
If any agent named by me
dies, becomes legally disabled, resigns, or refuses to act, I name the
following (each to act alone and successively, in the order named) as
successor(s) to that agent: __________.
Signed this ______ day of
__________, _____________
___________________________
(your signature)
State of
_______________________
County of
______________________
This document was acknowledged
before me on ____________(date) by ________________________
(name of principal)
______________________________
(signature of notarial
officer)
(Seal, if any, of notary)
________________________________________
(printed name)
My commission expires: ______________
IMPORTANT INFORMATION FOR
AGENT (ATTORNEY IN FACT)
Agent's Duties
When you accept the
authority granted under this power of attorney, you establish a "fiduciary"
relationship with the principal. This is a special legal relationship that
imposes on you legal duties that continue until you resign or the power of
attorney is terminated or revoked by the principal or by operation of law.
A fiduciary duty generally includes the duty to:
(1) act in good faith;
(2) do nothing beyond the
authority granted in this power of attorney;
(3) act loyally for the principal's benefit;
(4) avoid conflicts that would impair your ability to act in the
principal's best interest; and
(5) disclose your
identity as an agent or attorney in fact when you act for the principal by
writing or printing the name of the principal and signing your own name as
"agent" or "attorney in fact" in the following manner:
(Principal's Name) by
(Your Signature) as Agent (or as Attorney in Fact)
In addition, the Durable Power of Attorney Act (Subtitle P, Title 2,
Estates Code) requires you to:
(1) maintain records of each action taken or decision made on behalf
of the principal;
(2) maintain all records until delivered to the principal, released
by the principal, or discharged by a court; and
(3) if requested by the principal, provide an accounting to the
principal that, unless otherwise directed by the principal or otherwise
provided in the Special Instructions, must include:
(A) the property belonging to the principal that has come to your
knowledge or into your possession;
(B) each action taken or decision made by you as agent or attorney
in fact;
(C) a complete account of receipts, disbursements, and other actions
of you as agent or attorney in fact that includes the source and nature of
each receipt, disbursement, or action, with receipts of principal and
income shown separately;
(D) a listing of all property over which you have exercised control
that includes an adequate description of each asset and the asset's current
value, if known to you;
(E) the cash balance on hand and the name and location of the
depository at which the cash balance is kept;
(F) each known liability;
(G) any other information and facts known to you as necessary for a
full and definite understanding of the exact condition of the property
belonging to the principal; and
(H) all documentation regarding the principal's property.
Termination of Agent's
Authority
You must stop acting on
behalf of the principal if you learn of any event that terminates this
power of attorney or your authority under this power of attorney. An event
that terminates this power of attorney or your authority to act under this
power of attorney includes:
(1) the principal's
death;
(2) the principal's
revocation of this power of attorney or your authority;
(3) the occurrence of a
termination event stated in this power of attorney;
(4) if you are married to
the principal, the dissolution of your marriage by court decree of divorce
or annulment;
(5) the appointment and qualification of a permanent guardian of the
principal's estate; or
(6) if ordered by a court, the suspension of this power of attorney
on the appointment and qualification of a temporary guardian until the date
the term of the temporary guardian expires.
Liability of Agent
The authority granted to
you under this power of attorney is specified in the Durable Power of
Attorney Act (Subtitle P, Title 2, Estates Code). If you violate the
Durable Power of Attorney Act or act beyond the authority granted, you may
be liable for any damages caused by the violation or subject to prosecution for misapplication of property by a
fiduciary under Chapter 32 of the Texas Penal Code.
THE
ATTORNEY IN FACT OR AGENT, BY ACCEPTING OR ACTING UNDER THE APPOINTMENT,
ASSUMES THE FIDUCIARY AND OTHER LEGAL RESPONSIBILITIES OF AN AGENT.
(See above.)
|