Power of Attorney

What is "fiduciary responsibility?"

An agent is a fiduciary and as such has multiple duties when acting for the principal

What if the principal has a "guardian" appointed by the court?

If no less restrictive appropriate alternative is available, then a guardian may be appointed by the court for a person who no longer can care for his or her person or property.

What if the third party will not accept the Power of Attorney?

If the Power of Attorney was lawfully executed and it has not been revoked, suspended or terminated, third parties may be forced to honor the document.

Who may serve as an agent?

Any competent person 18 years of age or older may serve as an agent.

What is a "third party?"

a person or institution with whom the agent has dealings on behalf of the principal.

What is an "agent?"

the party who is given the power to act on behalf of the principal.

What is a "principal?"

the person who is delegating authority to another. (Act of their behalf)

When does a particular agent's authority terminate?

(1) the agent dies, (2) the agent resigns or is removed by a court, (3) the agent becomes incapacitated, or (4) the filing of a petition for dissolution of marriage if the agent is the principal's spouse unless the Power of Attorney provides otherwise

When does a Power of Attorney terminate?

1. the principle dies 2. the principal revokes the Power of Attorney 3.a court determines that the principal is totally or partially incapacitated and does not specifically provide that the Power of Attorney is to remain in force, 4. the purpose of the Power of Attorney is completed, 5. the term of the Power of Attorney expires.

What is a "General Power of Attorney?"

A "General Power of Attorney" typically gives the agent very broad powers to perform any legal act on behalf of the principal.

What is a "Limited Power of Attorney?"

A "Limited Power of Attorney" gives the agent authority to conduct a specific act.

What is a Health Care Surrogate Designation and how does it differ from a Power of Attorney?

A Health Care Surrogate Designation is a document in which the principal designates someone else to make health care decisions if the principal is unable to make those decisions

What is the relationship between a Declaration of Living Will and Power of Attorney?

A declaration of living will specifies a person's wishes as to the provision or termination of medical procedures when the person is diagnosed with a terminal condition, has an end-stage condition, or is in a persistent vegetative state.

What is a Power of Attorney?

A legal document delegating authority from one person to another

Court proceedings were filed to appoint a guardian for the principal or to determine whether the principal is incapacitated. How does this affect the Power of Attorney?

If a court proceeding to determine the principal's incapacity has been filed or if someone is seeking to appoint a guardian for the principal, the Power of Attorney is automatically suspended and an agent must not continue to act.

What is the difference between a "trustee" and an "agent"?

Like a Power of Attorney, a trust may authorize an individual (the "trustee") to act for the maker of the trust during the maker's lifetime.

Authority as agent has been suspended because guardianship proceedings are pending for the principal. Now there is an emergency but no guardian has been appointed yet. What now?

The agent may ask the court for special permission to handle the emergency even though the Power of Attorney remains otherwise suspended.

How should the agent sign when acting as an agent?

The agent will always want to add after his or her signature that the document is being signed "as agent for" the principal.

Why do third parties sometimes refuse Powers of Attorney?

Third parties are often concerned whether the document is valid.

Must a person be competent to sign a Power of Attorney?

YES

May a Power of Attorney avoid the need for guardianship?

Yeah

May an agent sell the principal's home?

Yes

Is there a certain code of conduct for agents?

Yes. Agents must meet certain standards of care when performing their duties