It is generally perceived that a power of attorney prepared in accordance with Chapter 752 of the Texas Estates Code as a “durable power of attorney” will be legally sufficient. However, a recent Texas Bar Journal article calls into question such perception. The proposition of the article is that it is not uncommon for a bank not to recognize the authority of an attorney in fact under a durable power of attorney for a variety of reasons.
As I have granted powers of attorney using durable powers of attorney forms in case of my own physical or mental disability, I decided to contact my banks in order to determine their respective policies regarding the recognition of a durable power of attorney. Both banks requested changes to the forms I had used. In one case the requested changes were unacceptable to me. Based upon my experience, it is a good idea to make certain that your power of attorney will be accepted by your bank, brokerage firm and other businesses and service providers with whom you may conduct business.