An attorney-in-fact or agent who represents the principal in matters related to finance is a financial power of attorney. Such a power of attorney is appointed by any individual who cannot or does not wish to deal with the financial matters by filling a financial power of attorney form. This power of attorney does not limit itself to just individuals and can also be used by companies and entities.
As finance is a very broad genre and is related in almost every sector, the powers the principal wishes to transfer needs to be specified. This is a very crucial decision and must be made after taking proper legal advice and the power must be transferred only to the agent of complete trust and reliability as their decision will be considered as equal as of the principal’s. The form generally requires details such as the full and legal name of both the parties, their complete addresses, description of the powers that are to be transferred, any special powers or restrictions that the principal may want to add, details of the successor agent (if required), signatures of both the parties, etc.
Texas Financial Durable Power of Attorney Form is a legal instrument intended to grant powers to an agent/attorney-in-fact to act on your behalf as if you were present during the action. The Durable Power of Attorney Act, Chapter XII, Texas Probate Code has directives about the governance of the power …