A financial power of attorney is a legal instrument that gives another person (called an attorney-in-fact) the authority to make personal and financial decisions on your behalf. A financial power of attorney can be as broad, or as specific as you want it to be. For example, a power of attorney can authorize someone to make banking, tax, litigation, and/or financial planning decisions on your behalf. A financial power of attorney does not, however, encompass medical decisions–a separate medical power of attorney is needed for that purpose.
You can make the financial power of attorney effective immediately after it is signed, or make it effective in the event of your incapacity (the inability to make decisions on your own behalf).
Although the State of Texas has promulgated a standard form to be used (see the link below), you should consult with an attorney when preparing a financial power of attorney to ensure that it accurately reflects your needs and wishes.