Tips for Legal Agents (Representatives) Under Power of Attorney
So, you’ve been named as someone’s attorney-in-fact (“Agent”)… now what? To make a long answer short- it depends.
The first question any Agent must ask herself is whether the Power of Attorney document (“POA”) grants her the authority to act on the Principal’s behalf immediately (known as a durable power of attorney), or if the Power of Attorney only comes into effect upon a...
Tips on Selecting Legal Agents (Representatives) under a Power of Attorney, and the Duties Imposed on Them by Virtue of the Appointment
When you sign a Power of Attorney, the person you name to be your “attorney-in-fact” or “agent” is entrusted with certain legal obligations known as fiduciary duties to you. This is known as the Principal-Agent relationship.
New Jersey Now Has Its Own ABLE Program
ABLE accounts are accounts created under Section 529A of the Internal Revenue Code with State counterparts, designed for people who became disabled before the age of 26. Finally, New Jersey has adopted its Plan.
A disabled person or their POA or guardian can use the account for any expenses that are incurred as a result of living with a disability and are intended to improve the disabled...
What to do if you want to resign as a fiduciary — don’t just walk away
Being appointed as a Guardian, Trustee or Agent under Power of Attorney can be an enormous task. Each of these appointments confers decision-making power and authority on the fiduciary, but at the same time, each of them involves tremendous responsibilities. In an ideal world, the document which appointed the fiduciary also appoints a string of successors and has a non-judicial way to...