What are the requirements for deeds in Texas
To be a valid deed, the document must be (1) in writing, (2) signed, (3) describe the property, and (4) delivered. TPC §5.021.
What are the requirements for gift deeds in Texas
To be valid, gift deeds in Texas further require the document set forth (1) the intent of the grantor, (2) the delivery of the Continue reading
Power of Attorney
A power of attorney in Texas creates a fiduciary duty between the person who holds the power (agent) and the person who gives it (principal.) The agent owes his principal a high duty of good faith, fair dealing, honest performance, and strict accountability. A 2015 case out of Fort Worth dealt with the issue of breaching a fiduciary duty in Texas.
A man (agent) had his aunt (principal) give him a power of attorney. About a year before the aunt died, the nephew executed deeds to the aunt’s real estate to himself and his son. After the aunt died, a probate was filed. When the beneficiaries of the aunt found out about the deeds, they were understandably upset.
Family Settlement Agreement
Apparently, most of the beneficiaries did not have the money to sue the agent so they entered into a family settlement agreement to give one of the beneficiaries the right to sue the agent for breaching a fiduciary duty in Texas. Suit was filed and Continue reading