Contingent trust beneficiary. A contingent trust beneficiary is one who does not have the right to receive benefits under a specific trust until the occurrence of a future event.  Typically, a contingent beneficiary’s right to receive benefits under the trust would vest upon the death of one or more named beneficiaries. The question often arises

The Texas legislature made numerous changes to state laws in the estate planning area including to statutory provisions that govern wills, trusts, probate, and financial powers of attorney. One substantive change to the Durable Power of Attorney Act limits the scope of the fiduciary duties owed by the appointed agent to his principal (person granting the power) under a financial power of attorney.

Continue Reading Texas Durable Power of Attorney Act Amended to Limit Agency Liability

A recent court of appeals discussed the significance of the fiduciary relationship created when someone signs a power of attorney authorizing another to act as their agent.  (Jordan v. Lyles, 485 S.W.3d 785 (Tex. App. – Tyler 2015)).  In this case, Bud executed a durable power of attorney appointing his stepdaughter as his