HB 5769 Summary

• Adds "attorney-in-fact under a durable power of attorney" to the definition of "fiduciary" in the Estates and Protected Individuals Code.

• Requires durable powers of attorney executed after September 30, 2012 to be dated, signed voluntarily by the principal or notarized, and either witnessed by two non-interested parties or acknowledged before a notary public.

• Mandates attorneys-in-fact execute a written acknowledgment of their responsibilities before exercising authority under a durable power of attorney, outlining duties including fiduciary standards, following principal's instructions, maintaining records, and potential liability for breach of duty.

• For powers of attorney executed after June 30, 2021, prohibits attorneys-in-fact from making gifts, creating survivorship rights, changing beneficiary designations, creating joint accounts, delegating authority, waiving annuity benefits, or receiving compensation unless the power of attorney expressly grants authority and is certified by an attorney with an attorney-client relationship to the principal.

• Establishes that violations of restrictions on attorney-in-fact powers create liability for restoring the principal's property and reimbursing attorney fees and costs incurred.