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my friend is taking an overseas assignment for at least a year…

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my friend is taking an...
my friend is taking an overseas assignment for at least a year and would like to give me power of attorney while he is out of the country -- how do we go about doing this?
Submitted: 8 years ago.Category: Legal
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11/22/2009
Lawyer: Richard, Attorney replied 8 years ago
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 56,755
Experience: Attorney with 29 years of experience.
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Hi there. I have attached the Texas Statutory form of a Durable Power of Attorney. I think you will find the language self-explanatory. You will want to have this executed, notarized, then recorded.

 

 

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, CHAPTER XII, TEXAS PROBATE 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.]

 

I, ______________________, of ________________, ____________, ______________ _______, appoint _______________________, of ________________, ________________, ________________ __________, 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 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.]

 

No power granted by this Power of Attorney shall be exercisable in a manner that would grant to my agent a general power of appointment, as described in Section 2041 of the Internal Revenue Code, or any incidents of ownership over insurance on the life of my agent, as described in Section 2042 of the Internal Revenue Code (or under any Treasury Regulations issued under those sections).

 

[UNLESS YOU DIRECT OTHERWISE BELOW, 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 effective immediately and is not affected by my subsequent disability or incapacity.

 

(B) This Power of Attorney is not effective immediately; it 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 physically or 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, or until it is revoked by me by revocation entered of record in the office of the County Clerk of ______________ County, ______________. 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 my named agent 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 agent: _______________________, of ________________, ________________, ________________ __________ and _______________________, of ________________, ________________, ________________ __________.

 

Signed this ____ day of ______________, 2008.

 

 

______________________

 

 

STATE OF TEXAS }

}

COUNTY OF ____________ }

 

This instrument was acknowledged before me by ______________________, on this ____ day of ______________, 2008.

 

 

Notary Public, State of Texas

 

[THE ATTORNEY IN FACT OR AGENT, BY ACCEPTING OR ACTING UNDER THE APPOINTMENT, ASSUMES THE FIDUCIARY AND OTHER LEGAL RESPONSIBILITIES OF AN AGENT.]

 

AFTER FILING PLEASE RETURN TO:

 

_______________________

_______________________

_______________________

_______________________

 

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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Customer reply replied 8 years ago
Thank you so much...any issue with the fact that the form has a "2008" date? Are we able to change it to a "2009" date?
Lawyer: Richard, Attorney replied 8 years ago

My pleasure. No, the form has not changed....you can just put this year's date in.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Ask Your Own Legal Question
Customer reply replied 8 years ago

Thanks...one more question...at the very end of the form it mentions "After filing please return to"....where does this notarized form get sent to? And do we need a lawyer involved in any way as well?

 

 

Lawyer: Richard, Attorney replied 8 years ago

You would just want the recorded document sent to you. You do not need to involve an attorney for this since I have provided the form to you.

 

I would appreciate it if you would please click the GREEN ACCEPT button NOW, so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

 

Richard
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