A durable power of attorney form is one that either takes effect upon or lasts after the principal’s incapacitation. Meaning, if you complete the enclosed form and become incapacitated then the person you designate as having power of attorney above your affairs will have rights and powers vested in him or her. A general power of attorney form lasts until the point where you become incapacitated or otherwise unable to make decisions for yourself.
Incapacitated, as far as the Texas Estates Code is concerned, means that a doctor’s examination finds that you are not able to manage your own finances. A written statement from your doctor must be attached to any application to a court that would allow your person designated as power of attorney to come into being. This is a financial durable power of attorney which means that your agent is only able to handle financial matters. Your agent will not be able to make any decisions regarding your health care, for example. You can select in the form which specific financial matters the document will cover.
The durable power of attorney lasts until you die, you revoke the power of attorney, a guardian is appointed for you or until the conditions of termination within your specific power of attorney document are fulfilled. The duties of your agent will be spelled out specifically in the durable power of attorney form.