Search Site
Menu
Powers and Duties of an Attorney-in-Fact

Your attorney-in-fact only has the financial authority you grant him in the document creating a durable power of attorney for finances. Generally, an attorney-in-fact has broad authority to:

  1. use your assets to pay your everyday expenses and those of your family
  2. handle transactions with financial institutions
  3. buy, sell, maintain, and mortgage property
  4. file and pay your taxes
  5. manage your retirement accounts
  6. collect benefits from government programs or civil or military service

Beyond routine financial matters, you may want to authorize your attorney-in-fact to:

  1. invest your money in securities
  2. buy and sell insurance policies and annuities for you
  3. operate your small business
  4. claim or disclaim property you get from others
  5. represent you in court

An attorney-in-fact cannot:

  1. make healthcare decisions for you
  2. marry on your behalf
  3. adopt for you
  4. vote in public elections on your behalf
  5. make a will for you

The attorney-in-fact you appoint in your durable power of attorney is known as a “fiduciary,” which is someone who holds a position of trust and must act in your best interests. Thus, your attorney-in-fact is required to:

  1. be careful with your property by handling it honestly and prudently
  2. avoid conflicts of interest
  3. keep your property completely separate from her own
  4. keep adequate records for all transactions made on your behalf

An attorney-in-fact is not directly supervised by a court and, as such, is not required to file reports with any government agencies. However, a loved one who has doubts about the attorney-in-fact may ask a court to order the attorney-in-fact to take certain actions or ask a court to terminate the power of attorney-in-fact and appoint a conservator to supervise your affairs. If a conservator is appointed for you, the attorney-in-fact has to account to the conservator. Some states have statutes that set out specific procedures for such court actions.

Copyright 2012 LexisNexis, a division of Reed Elsevier Inc.

Contact a Dedicated Texas Business Lawyer To Schedule a Consultation
Call 281-367-1222 or contact us online to schedule a meeting.

Strong In Action

  • Spring 2019

    The Strong Firm represents borrower in $42.3 million HUD construction loan for multifamily real estate development in Walton County, Florida.

    Read More
  • Spring 2019

    The Strong Firm acts as legal counsel for borrower in $32.1 million HUD construction loan for multifamily real estate development in Conroe, Texas.

    Read More
  • Spring 2019

    The Strong Firm aids borrower in $31.7 million HUD construction loan for multifamily real estate development in Nueces County, Texas.

    Read More
  • Spring 2019

    The Strong Firm represents borrower in the refinancing of a $3.57 million commercial mortgage-backed security for a commercial office facility in Montgomery County, Texas.

    Read More
  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  • Peer Rated 2019 Award

Recent Blog Posts

A Win for Property Owners: New Texas Law Makes it Difficult for Forced Annexation

The State of Texas is a strong advocate for protecting property owners from the forced taking of land, including eminent domain, foreclosure or annexation. This year, the Texas Legislature enacted a bill that protects landowners for decades to come from forced annexation. In 1858, Texas passed the first statute allowing incorporation
Read More
A Win for Property Owners: New Texas Law Makes it Difficult for Forced Annexation

Wait… Lawyers Do That?

Since the founding of the Strong Firm P.C. in 2004, we have prided ourselves on not only providing excellent legal services, but also playing a large role in our community. Every year I have the opportunity to speak to area students from first grade through college grad students on legal-related
Read More
Wait… Lawyers Do That?

Part II – Probate: Identify the Most Efficient Probate Proceeding – Muniment of Title

Texas law provides several options to transfer ownership of a deceased person’s (usually called a “decedent”) property. We previously discussed the difference between a dependent and an independent administration. The dependent and independent administrations are used when the deceased person’s estate exceeds some minimal thresholds for size or complexity, such
Read More
Part II – Probate: Identify the Most Efficient Probate Proceeding – Muniment of Title

But You are My Attorney, not My Dentist…

Preventive maintenance for your entity from a legal perspective   “An ounce of prevention is worth a pound of cure.” 'De Legibus' (c. 1240) by English Jurist Henry De Bracton   Potential Client:       “I have owned a limited liability company for several years. I haven’t had any issues, but someone is interested in investing
Read More
But You are My Attorney, not My Dentist…
  • Video Vault


    Watch videos done by our legal team to gain a better understanding of your legal needs. Our lawyers give video insight into areas such as Real Estate, Business Law, Mergers & Acquisitions and much more.

Pay Retainer Online

Use our easy-to-use and secure online payment feature.
We accept all major credit cards.

Pay Your Retainer

Contact us

Quick Contact Form