Texas Law Update: Statutory Durable Power of Attorney

Some significant changes made to the SDPOA:

SDPOA is generally set in place so to allow person(s) you designated to handle your finances (in the event of incapacity or not). Three changes listed below should be noted:

Co-agents: ability to appoint co-agents which means that you can choose more than one person to act together on your behalf (two).

Reimbursement: ability to choose if your agent receives reimbursement for any out-of-pocket expenses and/or compensation.

Hot Powers: these powers that you can now include give your agent the ability to change beneficiary(ies) on any assets (such as creating a trust on your behalf).

Please note that you should not be pushed to sign/create a new SDPOA. It is KAL’s recommendation that you speak with your estate planning attorney to determine whether you will benefit from it or not.