First, there is no legal reason why you cannot name more than one person as your power of attorney - you can name 10 people if you want. The real question is should you name more than one person? The answer is generally no, unless you have a specific reason and considered the potential problems.
A power of attorney can be: Durable; General; Limited; Springing; Medical; Financial; The authority of a power of attorney is in effect as long as the person who granted the authority is alive. Can More Than One Person Have the Power of Attorney? The short answer is yes. You can have two, three, or ten people as your agents if that’s what you want.
How many names can you put on a power of attorney? You can appoint more than one person as your attorney. However, you should choose people who are able to work together. If you appoint more than one person you can appoint them so they can only make decisions together (jointly) or individually (severally).
When you make or change a durable power of attorney for finances, you are allowed to name more than one agent (or "attorney-in-fact," as this person is known in some states). If your aunt wants to name both niece and nephew, she may do so, but she will have to decide how they should carry out their duties. She can give them each independent authority, which means that …
By Harry S. Margolis. In your durable power of attorney, you can name one or more agents (technically called "attorneys in fact") to step in and act for you on legal and financial matters in the event of incapacity. This can be your most important estate planning instrument and can save your family a lot of trouble and expense if you were injured, became ill, or were to suffer from …
Can you have a shared power of attorney? My aunt named her son as agent and he misused funds. Then she appointed her nephew and he let her credit rating slip because he did not pay bills in a timely fashion.
When you make or change a durable power of attorney for finances, you are allowed to name more than one agent (or "attorney-in-fact," as this person is known in some states). If your aunt wants to name both niece and nephew, she may do so, but she will have to decide how they should carry out their duties.
The power of attorney gives legal authority to another person (called an agent or attorney-in-fact) to make property, financial and other legal decisions for the principal. The word attorney here means anyone authorized to act on another’s behalf. Its not restricted to lawyers.
A power of attorney can be used to grant any, or all, of the following legal powers to an agent: Buy, sell, maintain, pay taxes on and mortgage real estate. Manage your property. Conduct your banking transactions. Invest, or not invest, your money in stocks, bonds and mutual funds. Make legal claims and conduct litigation.
The power of attorney is frequently used to help in the event of a principal’s illness or disability, or in legal transactions where the principal cannot be present to sign necessary legal documents.
Some banks and brokerage companies have their own durable power of attorney forms . If you want your attorney-in-fact to have an easy time with these institutions, you may need to prepare two (or more) durable powers of attorney with your own form and forms provided by the institutions with which you do business.
A statutory power of attorney copies the language in a state statute which includes an example of a form that may be used. State laws vary, but the states that have adopted a statutory form of power of attorney typically allow for other language to be used as long as it complies with the state law. A power of attorney may be created ...
A general power of attorney grants the agent broad powers to act in regard to the principal’s assets and property while the principal is alive and not incapacitated. A durable power of attorney will remain effective even if the principal becomes incapacitated.
In some states, the proper legal instrument for delegating health-care decisions to another is called a health care proxy. In most states a durable power of attorney for finances does not give your agent legal authority to make medical decisions.
A POA is a legal document that grants a person the power to act on behalf of another person. The grantor is called the principal. The person that holds the authority for another is called the agent. The following are some examples of common scenarios where this issue arises.
For the purposes of these examples, Jane Smith is a mentally competent 65-year old woman who lives in Florida. She has two children, Mary Smith and David Smith, who also live in Florida.
There are two primary forms of power of attorney: medical and financial. For example, you might want to grant someone a medical power of attorney to make medical decisions for you when you become incapacitated. Also, you might want grant someone the power to manage your finances.
If the power of attorney is not “durable,” then it ceases to be effective upon your incapacitation.
You should make sure that your agent understands exactly what is included in the power of attorney as well. Once you have completed the document, you might want to sit down with your agent and go over the form together. Make sure to sign in front of your witnesses. It will not be legal if not witnessed.
Several states require that power of attorney forms be notarized. If you are signing a medical power of attorney form in Missouri, North Carolina, South Carolina, or West Virginia, then you need it notarized.
a health care provider. anyone who is a spouse, employee, or the spouse of an employee of your health care provider. someone who works for a government agency that has financial responsibility for your care. a court-appointed guardian or conservator. someone who is already an agent for 10 or more people.
You can also grant access to medical records: “To have access to medical information and records to the same extent that I would be entitled to, including the right to disclose health information to others.”. Review the ABA’s sample power of attorney form for other common powers given to agents. ...
The answer is generally no, unless you have a specific reason and considered the potential problems. The reason why we do advise more than one is in the event of a conflict. With multiple named attorneys-in-fact, there is always the ability for people to conflict on decisions.
Yes, you can name more than one person on your durable power of attorney, but our law firm generally advise against it under most circumstances. First, there is no legal reason why you cannot name more than one person as your power of attorney - you can name 10 people if you want.
There are many reasons why you may want to appoint a power of attorney which include (but are not limited to): Your power of attorney will be in control of spending and managing your money, bank accounts, shares, real estate and other assets.
Enduring Power of Attorney. An Enduring Power of Attorney is someone who can manage your affairs even after you lose mental capacity. It is an important planning tool for your future, and it should be given the same level of consideration as your Will.
Author. Dominic Woolrych. Dominic is the CEO of Lawpath, dedicating his days to making legal easier, faster and more accessible to businesses.
NSW recognises Enduring Powers of Attorney made in other states or territories if they comply with the relevant legal requirements of that state. Powers of Attorney made overseas cannot be used in NSW. Legal advice should be sorted to confirm your appointment’s validity.