how to specify multiple names on power of attorney

Having multiple persons named as agent allows for “back-up” if something happens to one agent. Redundancy is never a bad thing in estate planning. Naming multiple agents can be done either in consecutive order, such as naming a primary and then a secondary, or it can be done where “co-agents” are named.

Full Answer

Can I name more than one person as my power of attorney?

Christopher W. Yugo is an Attorney in Crown Point Indiana. Chris’ Estate Planning Article will appear every Sunday in the Times. Address questions to Chris in …

What are the different types of power of attorney?

View all 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. The real question is should you name more than one person?

Can a power of attorney have multiple agents?

Sep 23, 2021 · A power of attorney can grant wide powers or can be made to grant only a specific power or set of powers. You decide how much power you want to grant to your agent (s). In the state of Florida, you can name multiple people to act as your agent under your durable power of attorney. Unless the power of attorney provides otherwise, each co-agent ...

What is a ‘jointly and severally’ power of attorney?

• how to revoke or end a Power Of Attorney • the 3 different types of POAs in Illinois • limitations on an out of state Power of Attorney. DuPage and Kane County Power of Attorney Lawyer. When you work with an attorney to execute a Power of Attorney, they can explain the ramifications and advise you of the best type of POA to fit your needs.

Can you have more than one power of attorney?

It’s ok to choose more than one agent when you create multiple powers of attorney as long as you realize that each agent should have a particular responsibility. For example, if you create healthcare and financial powers of attorney, naming a different agent under each is fine. In fact, it’s probably a good idea in some situations because different people may be better at, for example, making financial decisions than others.

Can you name alternate agents in a power of attorney?

It’s also a very good idea to name alternate or replacement agents in each power of attorney you create. A replacement agent will take over the original agent’s responsibilities if the original agent is no longer able or willing to serve. In fact, choosing two or more replacement agents is something you’ll probably want to do for each power of attorney you create .

Do estate plans have powers of attorney?

A lot of estate plans include different types of powers of attorney. While these documents are very useful, there are some practical limitations you should know about before you make a decision about the agent you choose through your power of attorney.

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.

What is a power of attorney?

A power of attorney gives someone you trust the power to make decisions for you if you’re not able to make them. On the form to apply, you’re known as the ‘donor’. The person you’ve chosen to act for you is called your ‘attorney’.

What does "jointly and severally" mean?

In a lasting power of attorney, ‘jointly and severally’ means that your attorneys can make decisions together or act by themselves if they need to. So, one or two attorneys could potentially take care of everything, with the others able to check what they’re doing and chip in every now and again. Or they can do everything together.

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.

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.

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.

What does it mean to get help?

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.

What is a power of attorney?

A power of attorney is a substantial legal document that allows you—as a principal—to appoint an agent (attorney-in-fact) to make certain decisions on your behalf. Whether it’s out of convenience or mental or physical illness, an agent has a responsibility to handle your medical, financial, or personal matters.

Can a principal be a power of attorney?

A principal can select one person to be their power of attorney agent and the other one to be that agent’s successor. Having a successor agent provides security in case the POA agent dies, resigns, or becomes incapacitated. The successor doesn’t have any authority over the principal’s assets and decisions if the agent is alive and capable ...

What is an attorney in fact?

The attorney-in-fact is expected to put your interests before their own and act in good faith and according to your expectations. The given powers, duration of the agreement, and other specifics of a power of attorney depend on your preferences and the POA type.

Can an agent act on your behalf?

One agent can always act on your behalf if the other one is out of town. Agents can divide the responsibility in the selling process. Agents can split duties. Possibility of disputes is always present. It can trigger fraud concerns with third parties (banks or credit card companies) It can cause logistical problems.