how to designate power of attorney to more than one

Answer: no one (or everyone)! We prefer to name one person at a time in descending order - i.e., start at your spouse and move to children in order of priority or what have you. There is, however, a great exception to this rule: when you have an aging couple, it may be best to name your spouse and a responsible child as attorneys-in-fact.

Full Answer

How do you make a power of attorney?

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 …

How do you create a power of attorney document?

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 …

What are general powers of attorney?

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.

How to acquire power of attorney?

For Capital One Credit Card accounts. In order to designate someone as a fiduciary agent (Attorney-in-Fact through the Powers of Attorney) we will need the following: A copy of the complete Power of Attorney documents (make sure they follow state guidelines). Please ensure there is a visible notary stamp or seal on the copy if required by your ...

Question

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.

Answer

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.

Can you have more than one attorney?

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.

Can you name more than one person on a power of attorney?

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.

How to set up a power of attorney?

To get started, follow these basic guidelines for designating power of attorney: 1 How to set up power of attorney. 2 Consider durable power of attorney. 3 Limited vs. general power of attorney. 4 Immediately effective vs. springing power of attorney. 5 Power of attorney for health care.

What is a power of attorney?

Power of attorney is a written legal document that allows an agent or attorney-in-fact to take financial and legal actions for you.

When does a power of attorney go into effect?

A springing power of attorney goes into effect in a predetermined situation, such as after the principal becomes incapacitated. Typically, the legal document will specify the circumstances under which the power takes effect. An immediately effective or nonspringing power of attorney is in place once the paperwork is signed.

What happens to a durable power of attorney?

That's where durable power of attorney comes in. A durable power of attorney continues after the individual is incapacitated. So if you are unable to make financial or medical decisions on your own after an accident or illness, the document will remain in effect.

Can a power of attorney be used as a proxy?

Generally, power of attorney applies to legal and financial matters, but a separate document can also allow a proxy to make health care decisions for you if you are incapacitated. The rules for designating power of attorney vary from state to state, so it's important to know your own state's laws. Here's what to know about power ...

What does a power of attorney do?

Making decisions about memorial services, burial, or cremation if you haven’t made your wishes known. Carrying out your wishes about end-of-life matters and final disposition if you’ve made them known or preplanned. Someone you designate as power of attorney might take on any or all of the same roles.

What is a POA?

Your power of attorney (POA) or next of kin (NOK) may be called upon to make important decisions on your behalf, after you pass away or should you become incapacitated. To ensure your wishes are followed, name someone you trust as your power of attorney , and provide them with the right level of authority for making decisions in specific ...

What is the next of kin?

Next of Kin. Your next of kin is typically considered to be your closest relative by marriage or blood. If you’re married, for example, your next of kin is usually your spouse. When you complete medical paperwork or preplan for something like a burial or cremation, your provider may ask you to provide the name of a next of kin.

Do you need a durable power of attorney?

Not all power of attorney forms are the same. If you’re planning to designate a POA to act on your behalf if you’re incapacitated (or even after you’re gone), then you need a durable power of attorney. These types of POA forms maintain force if you’re incapacitated.

What is an advanced directive?

An advanced directive is a legal document spelling out your wishes for life-saving care in certain circumstances. For example, in the state of Florida, state laws provide a priority of surrogates as follows: Spouse. Adult child (or a majority of your adult children voting together) Parent.

Do you have to assign someone as your next of kin?

You don’t actually have to assign someone as your next of kin in medical situations, as state surrogate laws help identify who your NOK is. However, because medical staff may need to talk to someone quickly, it’s a good idea to let them know who your preferred next of kin is in each situation.

Can you choose a POA?

It’s a good idea to make sure they’re on board with this responsibility, though. Completing a power of attorney form and naming someone as your POA doesn’t necessarily hold that person accountable for acting on your designation.

Why is a durable power of attorney important?

A durable power of attorney is one of the most important estate planning documents and can save your family (and you) from problems and expenses if you become unable to handle your own affairs as a result of illness or accident.

How many daughters does Jack have?

Who to name and whether you should have more than one agent is an important discussion to have with your planning attorney. Jack, age 88, has two daughters, Laverne and Shirley, both of whom are capable and willing to act for Jack if needed. Jack’s initial thought was to name Laverne, his eldest, as agent and Shirley as a successor (ie, ...

Where does Laverne live?

He showed some concern, however, that Shirley’s feelings would be hurt. Another concern of Jack’s (and Shirley’s) is that Laverne lives in Milwaukee and himself and Shirley live on Long Island. However, if you have the right person, where that person lives is usually not a problem.

What to do if you have an attorney in fact?

If your attorneys-in-fact get into a dispute that interferes with their ability to represent you properly, they may need help working things out. Getting help could mean submitting the dispute to mediation or arbitration—or going to court to have a judge decide what's best. Your attorneys-in-fact can decide how they want to handle the matter, keeping in mind that their foremost responsibility is to act in your best interest. The downside of all this is not just that there could be confusion and delays in handling your finances, but that you'll probably be the one to pay the costs of settling the dispute. All these are reasons to name just one attorney-in-fact.

Can you name more than one person?

Still, it is legal to name more than one person —and we allow you to name up to three people to serve together. But if you're tempted to name more than one person simply so that no one feels hurt or left out, think again. It may be better to pick one person for the job and explain your reasoning to the others now.

Is it bad to name more than one attorney in fact?

In general, it's a bad idea to name more than one attorney-in-fact, because conflicts between them could disrupt the handling of your finances. Also, some banks and other financial institutions prefer to deal with a single attorney-in-fact.