Structure and requirements Capacity of the grantor As an agent, an attorney-in-fact is a fiduciary for the principal, so the law requires an attorney-in-fact to be completely honest with and loyal to the principal in their dealings with each other.Ĭare must be taken when selecting an attorney-in-fact, as some attorneys-in-fact have used their authority to steal the assets of vulnerable individuals such as the elderly (see elder abuse). The Uniform Power of Attorney Act employs the term agent. When all the claims are paid, the attorney-in-fact then returns the leftover funds to the subscribers. In the context of the unincorporated reciprocal inter-insurance exchange (URIE) the attorney-in-fact is a stakeholder/trustee who takes custody of the subscriber funds placed on deposit with him, and then uses those funds to pay insurance claims. An attorney-in-fact may be a layperson and is authorized to act pursuant to the powers granted by a power of attorney but may not engage in acts that would constitute the unauthorized practice of law. In the United States, an attorney-at-law is a solicitor who is also licensed to be an advocate in a particular jurisdiction. That term should be distinguished from the term attorney-at-law.
The term attorney-in-fact is used in many jurisdictions instead of the term agent. 3.2.1 Relationship with advance health care directive.There are many sources on the Internet and at libraries to help you find and prepare a power of attorney document. All forms of power of attorney become void and with the death of the grantor. This is also important to note that a minor cannot grant power of attorney privilege to anyone due to the reason that their parents essentially already have all legal decision making capabilities for their children who are minors. All types require that the grantor of legal privileges be of the recognized legal age of 18 and be of sound mind and capacity at the time of the signing or granting of the privilege. While there are three main types of the power of attorney document under which subtypes may fall. In terms of medical decisions the POA and the assigned agent are referred to as the "healthcare proxy" of the grantor. This is closely related to but not defined as a "living wills". An aging parent or grandparent may choose to bestow his or her power of attorney privileges to one of their children or grandchildren in order to make effective medical decisions (weather or not to have doctors perform a particular procedure or not) on their behalf. This is particularly important, and most often used in the case of the elderly. Amongst the many uses for a POA agreement is in the case that the grantor becomes ill or otherwise incapacitated and needs to defer decisions to another trusted party that will handle their affairs when they are unable. It goes without saying that the power of attorney document is and incredibly important and powerful document and should be entered into with great care and thought. All decisions and actions made by the agent on behalf of the grantor are considered legal actions as if they were taken by the grantor themselves. These decisions incorporate things like paying bills, starting or stopping services in the grantor's name and can also incorporate medical decisions on behalf of the grantor. In a nutshell, the power of attorney document is a legal document that any two parties may sign where one of the signers (known as the "grantor") authorizes another party (sometimes more than one person or entity known as the "donor" or "agent" ) to make formal decisions on their behalf. The power of attorney does not in fact have anything to do with hiring an attorney, and with exception of some of the formalities (like signing the POA document itself) attorneys do not have a lot of involvement in the process. What exactly is a Power of Attorney Document?