This General Durable Power of Attorney for Property and Finances Effective upon Disability form is a general, durable power of attorney which is effective ONLY upon the principal's disability, incompetency or incapacity. You can use this form to appoint an attorney-in-fact (agent) to make decisions regarding property, financial, management, banking, business and other matters for you. The powers granted to an Agent in this Power of Attorney are very broad, but do NOT provide for health care services.
Travis Texas General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability is a legal document that grants another person, known as the attorney-in-fact, the authority to make property and financial decisions on behalf of the principal in the event of their disability or incapacitation. It is crucial in ensuring that one's financial affairs are managed effectively when they are unable to do so themselves. This type of power of attorney allows the attorney-in-fact to handle various financial matters, such as managing bank accounts, paying bills, collecting debts, buying or selling property, making investment decisions, filing tax returns, and handling other financial transactions. The attorney-in-fact must act in the best interests of the principal and follow any specific instructions outlined in the power of attorney document. The "general durable" aspect of this power of attorney refers to its broad scope, giving the attorney-in-fact the authority to handle almost all financial and property matters on behalf of the principal. However, it is essential to understand that some powers, such as making healthcare decisions or creating or amending a will, may require separate documents or specific authorization. Travis Texas also recognizes other types of power of attorney related to property and finances. These include: 1. Limited Power of Attorney for Property and Finances: This type of power of attorney grants limited authority to the attorney-in-fact, specifying the exact powers they possess. It is commonly used when the principal wants to grant someone specific powers for a limited time or purpose, like selling a property on their behalf. 2. Springing Power of Attorney for Property and Finances: Unlike the general durable power of attorney, this type becomes effective only upon the occurrence of a specific event or condition, usually the principal's disability or incapacitation. The power granted to the attorney-in-fact "springs" into effect when the specified condition is met. Creating a Travis Texas General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability is a critical step in ensuring the smooth management of one's financial affairs in case of incapacity. It provides peace of mind, knowing that a trusted individual will be empowered to make decisions and handle financial matters according to the principal's preferences and best interests.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
