Durable Power of Attorney form is a written document filled up by an individual, principal or a person appointing, designating an agent or attorney in fact. The durable power of attorney form is actually a contract creating an agent-principal commitment. By this document, the principal authorizes the appointed agent or attorney of any specified tasks stated on the contract or agreed upon with other parties like landlords, banks, stockbrokers and title companies on behalf of the principal.
Durable means that the authorized agent will have power to act on the principal’s behalf when the time comes where the principal experienced disability. When the principal encountered disability or became mentally incapacitated, this is when he needed a person to act on his behalf for any financial or business decision. That is why Texas legislature passed the Durable Power of Attorney act, to solve this kind of problem. Any decision made by the agent or attorney for the process of any transaction to the third party during the affectivity of durable power will not make the principal responsible.
This form contains words stating the intention of the principal on the agreement with the agent or attorney that the authority given to the agent or attorney shall be used despite of principal’s later incapacity or disability. This form must be signed by the principal and acknowledged in front of an officer assigned to this kind of deeds and to register or take oaths under specific department or agency. » Read more: Durable Power of Attorney Form