Should I get a new Durable Power of Attorney since the 85th Legislature changed the Estates Code affecting powers of attorney?
September 16, 2022
The 85th Legislature changed the Estates Code affecting powers of attorney as follows:
- Requires third parties to accept durable powers of attorney (with some exceptions)
- Changing the language of the Statutory Durable Power of Attorney
- Changing the level of fiduciary duty of the agent
- Allowing for the agent to appoint a successor agent
- Allowing for agent compensation and reimbursement
- Allowing for agent to be given additional authorities
- Defines co-agent authority
Older versions of the Statutory Durable Power of Attorney are still valid. However, if you would like to expand what your agent can or cannot do, it may be worthwhile to update your power of attorney.
Tags: Business law