The use of durable powers of attorney is a common practice in Texas, allowing individuals to appoint agents to manage their financial affairs in the event they become incapacitated. However, when it comes to joint powers of attorney, financial institutions may be hesitant to honor the document.
What is a Joint Power of Attorney?
Joint power of attorney is a legal document that allows two or more individuals to act as agents on behalf of an individual in the management of their financial affairs. It remains in effect even if the individual becomes incapacitated.
Why Would a Bank Deny a Joint Power of Attorney?
Banks may deny a joint power of attorney for a variety of reasons, including a lack of certainty as to which agent has the authority to act or a requirement that the power of attorney specify that one of the agents may act alone.
Additionally, if the individual is unable to modify the power of attorney to reflect the bank’s requirements, the bank may argue that it cannot be certain that the power of attorney was properly executed and that the agents have the authority to act on behalf of the individual.
Legal Grounds for Refusal
The bank has a responsibility to honor a validly executed power of attorney unless it has legal grounds to refuse to do so. In the absence of a provision allowing one of the agents to act alone, the bank may argue that it is unable to determine which agent has authority to act on behalf of the individual. The specific legal grounds for refusal may vary, but it is important to understand the requirements and procedures involved in order to resolve the issue.
The Takeaway
Navigating joint powers of attorney in Texas probate law can be a complex and challenging process. However, with the help of an experienced probate attorney, you can ensure that your rights and interests are protected and that the necessary steps are taken to resolve the issue. If you find yourself in this situation, don’t hesitate to reach out to a local probate attorney for the personalized, knowledgeable, and effective legal representation you need.
Do you need help with a probate matter in San Antonio or the surrounding area? We are San Antonio probate attorneys. We help clients navigate the probate process. Call today for a free confidential consultation, (210) 239-8518.
Our San Antonio Probate Attorneys provide a full range of probate services to our clients, including helping with joint powers of attorney. Affordable rates, fixed fees, and payment plans are available. We provide step-by-step instructions, guidance, checklists, and more for completing the probate process. We have years of combined experience we can use to support and guide you with probate and estate matters. Call us today for a FREE attorney consultation.
Disclaimer
The content of this website is for informational purposes only and should not be construed as legal advice. The information presented may not apply to your situation and should not be acted upon without consulting a qualified probate attorney. We encourage you to seek the advice of a competent attorney with any legal questions you may have.
