Basic Statutory Durable Power Of Attorney Template (Page 4 of 6) in pdf

Basic Statutory Durable Power Of Attorney Template Page 4

IMPORTANT INFORMATION FOR AGENT (ATTORNEY IN FACT)

Agent's Duties

When you accept the authority granted under this power of attorney, you establish a "fiduciary"

relationship with the principal. This is a special legal relationship that imposes on you legal

duties that continue until you resign or the power of attorney is terminated or revoked by the

principal or by operation of law. A fiduciary duty generally includes the duty to:

(1)

act in good faith;

(2)

do nothing beyond the authority granted in this power of attorney;

(3)

act loyally for the principal's benefit;

(4)

avoid conflicts that would impair your ability to act in the principal's best interest;

and

(5)

disclose your identity as an agent or attorney in fact when you act for the principal

by writing or printing the name of the principal and signing your own name as

"agent" or "attorney in fact" in the following manner:

(Principal's Name) by (Your Signature) as Agent (or as Attorney in Fact)

In addition, the Durable Power of Attorney Act (Subtitle P, Title 2, Estates Code) requires you

to:

(1)

maintain records of each action taken or decision made on behalf of the principal;

(2)

maintain all records until delivered to the principal, released by the principal, or

discharged by a court; and

(3)

if requested by the principal, provide an accounting to the principal that, unless

otherwise directed by the principal or otherwise provided in the Special

Instructions, must include:

(A)

the property belonging to the principal that has come to your knowledge or

into your possession;

(B)

each action taken or decision made by you as agent or attorney in fact;

(C)

a complete account of receipts, disbursements, and other actions of you as

agent or attorney in fact that includes the source and nature of each

receipt, disbursement, or action, with receipts of principal and income

shown separately;

Statutory Durable Power of Attorney

Page 4

Basic Statutory Durable Power Of Attorney Template Page 4