what is a first and second agent of power of attorney

Nolo's Durable Power of Attorney allows you to name up to two alternate attorneys-in-fact, officially called successors. Your first alternate would take over if your initial choice can't serve. The second alternate would take the job only if your first and second choices can't keep it.

Full Answer

What happens when you assign an agent for 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 ...

What is a power of attorney and how does it work?

In some situations, appointing a family member or relative may make sense, while, in other circumstances, choosing an attorney or financial advisor may be a more wise choice. Considering the many responsibilities involved in this task, you may desire to appoint multiple agents to your durable power of attorney so these agents can share duties.

What is the difference between a general power of attorney and agent?

 · Pros of naming more than one agent in a durable power of attorney. 1. Adding a second agent can add convenience. A second agent can make it faster and easier to take care of financial and estate issues. For instance, if one agent is located outside of town, you may want a second agent located in town. This second agent will be able to meet ...

Can you have two power of attorney co-agents?

Power of Attorney - Successor Agent. It's a good idea to appoint a Successor Agent when signing a Power of Attorney. This is even more so with a Durable Power of Attorney, which is meant to be in effect for a long time. Then, if the Agent should at any time become unable or unwilling to perform the responsibilities of the contract, an appointed ...

What are the three basic types of powers of attorney?

The three most common types of powers of attorney that delegate authority to an agent to handle your financial affairs are the following: General power of attorney. Limited power of attorney. Durable power of attorney.

What does co-Agents mean in a POA?

May 12, 2020. In some cases, two individuals may be named as co-agents or successor co-agents under a power of attorney. Generally, it is the duty of those co-agents to work together for the principal's best interests.

What does successor agent mean?

A successor agent is the person named to serve as a backup agent if the first person named as agent cannot serve due to death, incapacity, resignation or refusal to act. If a named individual is unable or unwilling to serve as agent, the next person in line under the document becomes the agent.

What happens if two power of attorneys disagree?

If power of attorney co-agents disagree on a financial decision and the principal is mentally competent and not physically incapacitated, then the principal's decision supersedes the representatives. The principal also has the authority to revoke an agent's authority.

Can two siblings have power of attorney?

Generally speaking, while it is good to include your spouse or siblings, consider the fact that they may not be around or have the inclination to sort out your wishes when the time comes. If possible, include two attorneys as standard and a third as a back-up should one of the attorneys not be able to act.

What does co Agent mean?

: a person, force, cause, or other agency working together with another.

What is a successor attorney?

Successor attorney A person appointed by the donor to be their attorney if a previous attorney's appointment ends. Suspend The donor of an EPA who was, but is no longer, mentally incapable may suspend the attorney's authority to act by giving written notice to the attorney.

What is a gratuitous agent?

An agent who receives no compensation for services. Real estate agents typically work on a payment basis contingent on selling a property. Even though unpaid, the agent still owes full fiduciary or statutory duties to the principal.

Can a joint power of attorney act alone?

'Jointly' means permission from all attorneys is needed before you can carry out their instructions. 'Jointly and severally' means each attorney can act together or on their own – it's up to attorneys to choose which way they prefer to act.

Can a power of attorney transfer money to themselves?

Attorneys can even make payments to themselves. However, as with all other payments they must be in the best interests of the donor. This can be difficult to determine and may cause a conflict of interests between the interests of an Attorney and the best interests of their donor.

How many power of attorneys should you have?

How Many Attorneys Should I Appoint? Technically you can have as many attorneys as you like but it is common to appoint between one and four attorneys. It's advisable not to have too many attorneys, as it can cause issues if lots of people are trying to act on your behalf at once.

What is an agent in a power of attorney?

Agent. The “agent” is the individual given the authority to act on your behalf by this legal document. In a durable (or financial) power of attorney, the agent has the power to work with financial accounts, properties, and other assets on behalf of the principal.

What happens if two financial agents are named on the same power of attorney?

If two agents are named on the same financial power of attorney and the document requires them to work jointly, any decision would require the approval and cooperation of both agents. This would create an added burden the agents and slow down time-sensitive financial tasks.

Can you name more than one power of attorney?

The answer is: It depends on your particular situation. But there are significant dangers to naming more than one power of attorney agent. Holman Law can help you decide if naming multiple agents is a wise choice.

Can two siblings have power of attorney?

Yes, two siblings can share power of attorney. Often, a parent who wants to be fair will give each child equal powers so not as to hurt anyone’s feelings. But remember that picking an agent isn’t picking favorites, and sometimes it would be better for the siblings (as well as for your estate) if you named only one, rather than two or three, agents.

What is a co agency?

Co-agency can allow siblings or other loved ones to split duties. According to the “two heads are better than one” theory, two agents might be able to better problem-solve or manage your accounts than one agent working alone.

Can third parties accept co-agents?

Third parties may not accept a co-agent’s authority. Financial institutions, in particular, are wary of fraud. If two different people come into a bank, for instance, with the same authority but with different instructions, it would set off the bank’s red flags—to the detriment of any estate planning or other business at hand.

Can concurrent agents act independently?

While joint agents must agree on everything in order to act on behalf of the principal, concurrent agents each independently have the complete authority to act separately on any of the powers named in the power of attorney. There is often an “independent agent” clause that can be added to the POA form to ensure that concurrent agents may act independently of one another.

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 is a document that lets you name someone to make decisions on your behalf. This appointment can take effect immediately if you become unable to make those decisions on your own.

What is a power of attorney for health care?

A health care power of attorney grants your agent authority to make medical decisions for you if you are unconscious, mentally incompetent, or otherwise unable to make decisions on your own. While not the same thing as a living will, many states allow you to include your preference about being kept on life support.

Is a power of attorney valid if you are mentally competent?

A power of attorney is valid only if you are mentally competent when you sign it and, in some cases, incompetent when it goes into effect. If you think your mental capability may be questioned, have a doctor verify it in writing.

What is a POA?

A power of attorney (POA) is a document that allows you to appoint a person or organization to manage your property, financial, or medical affairs if you become unable to do so.

What powers can an agent exercise?

You can specify exactly what powers an agent may exercise by signing a special power of attorney. This is often used when one cannot handle certain affairs due to other commitments or health reasons. Selling property (personal and real), managing real estate, collecting debts, and handling business transactions are some ...

Why is it important to have an agent?

It is important for an agent to keep accurate records of all transactions done on your behalf and to provide you with periodic updates to keep you informed. If you are unable to review updates yourself, direct your agent to give an account to a third party.

Why do you need multiple agents?

Multiple agents can ensure more sound decisions, acting as checks and balances against one another. The downside is that multiple agents can disagree and one person's schedule can potentially delay important transactions or signings of legal documents. If you appoint only one agent, have a backup.

Can a successor POA have information?

Your question is unclear. If you are the successor POA, you have no rights to information. However, if you question the activities of the POA and beleive the POA has abused his/her fiduciary duties, you might wish to speak in person with a probate, elder law or estate planning attorney to discuss your options and receive more detailed legal ...

Do you have to share information with the principal?

Yes, until you ascend to the throne, you have no rights to any information. The principal could choose to share with you, but there is no obligation to do so. The current agent does have a fiduciary duty to the principal, as will you, if you are needed to act...