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.
Managing Someone Else’s Money
If you’ve been a designated as someone’s “Power of Attorney,” they’ve given you a big responsibility. The job is different than managing your own money. You are a fiduciary with a duty to the principal (the person who selected you). You have to safeguard the assets of your “principal,” for their wellbeing and benefit. You need to stay aware of all...