When you initiate a Power of Attorney, whether for financial purposes, medical, or other, you must choose someone to act on your behalf should the time come when you are unable to make decisions for yourself. This person is known as an attorney-in-fact, and while not necessarily a lawyer, they have a fiduciary responsibility to look out for your best interests.
The goal of any POA is to carry out a specific decision or action, which makes finding the right person critically important.
Who can be an attorney-in-fact, and what are their responsibilities?
An attorney-in-fact, also known as an agent, does not require any special qualifications. That means the person you appoint can be a friend, family member, or someone you trust. Their responsibilities and restrictions run the gamut and can include various powers depending on what you require of them. They also must keep your goals and wishes in mind at all times. Just a few responsibilities that you can assign to your attorney-in-fact include:
- Step in and pay your everyday expenses
- Make healthcare decisions
- File and pay your taxes
- Handle bank transactions, including signing checks
- Operate your small business
- Hire someone to represent you in court
The key point to remember with the attorney-in-fact is that their powers are typically limited to a pre-determined list that you create, and they can only act while you are still alive. More specifically, they would only be able to act on your behalf on the day that you are considered legally incapacitated. In the event you pass away, the POA is no longer valid.
Call Nelson Law Group today!!
Most people have a basic understanding of what a Power of Attorney is. It is a pretty straightforward concept that individuals and families utilize every day. With that said, having the right attorney-in-fact in place is critical. Give our knowledgeable staff here at Nelson Law Group, PC, a call if you have any further questions regarding this or any other issue. Our staff is always available. Give us a call today!
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Source: Nelson Law Group