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Attorneys-in-fact are individuals granted authority through a power of attorney to act on behalf of another. Typically, these agents must abide by state laws and use their power in your best interest.

Record keeping may also be part of their duties and they must keep you informed about all decisions and transactions they are involved with.

Designation of Attorney-in-Fact

Attorney-in-fact refers to any person you name as your legal representative in documents like powers of attorney or similar agreements that grant them legal authority to act on your behalf. Although the term can refer to anyone representing your interests in some way, usually it refers to the one being granted such powers and authorities.

An attorney-in-fact differs from lawyers or “attorneys-at-law,” yet both remain vital members of the legal community. An attorney-in-fact typically holds limited powers specified in state law or specified in a document creating them; these typically lapse upon death, incapacitation or intentional withdrawal through legal notice filed at court.

Care should be taken when choosing someone as your attorney-in-fact. They should be trustworthy, responsible and an excellent communicator – this often means choosing family members; other options could include close friends or business associates. Selecting multiple people may prove useful if disagreements arise on decision making between those you have nominated as attorney-in-facts, or in case one cannot continue in his role as such.

One may feel powerless after signing a power of attorney or Patient Advocate Designation document; in reality, however, this is just the start. To meet all legal requirements set by your state and ensure an efficient process.

Stephen Bilkis & Associates’ New York office boasts attorneys with the knowledge and skills to craft your power of attorney or other document that grants an attorney-in-fact to meet your specific needs, helping maintain independence, protect assets, and avoid future litigation. Please contact us now for more information; we can arrange a meeting with an experienced attorney-in-fact in this area for consultation purposes.

Duties of Attorney-in-Fact

Attorneys represent clients in legal matters. Attorneys at law typically have graduated from an accredited law school and are licensed to practice law; while an attorney-in-fact, or someone given power of attorney over someone else, can sign on their behalf under a power of attorney document. Most often an attorney-in-fact will not be an actual lawyer but instead will likely be someone close such as an acquaintance, relative, or family member trusted by the principal.

A power of attorney allows an individual to grant another individual authority to act on their behalf in various areas such as financial and personal affairs, such as signing documents or managing bank accounts on their behalf or selling property. A power of attorney should clearly outline exactly what can and cannot be done by this attorney-in-fact.

One of the primary responsibilities of an attorney-in-fact is keeping accurate records of transactions conducted on behalf of their principal. This can be accomplished by creating files for bills, receipts, statements and any other relevant documentation pertaining to these transactions. It is recommended that an organized system be put in place in order to easily locate and account for these files.

An attorney-in-fact must act in good faith on behalf of their principal, acting solely in their best interest and not taking advantage of or engaging in fraudulent activity. If there is any suspicion that their power is being misused by their attorney-in-fact, then it is the principal’s responsibility to report them directly.

Selecting an experienced attorney-in-fact can be a pivotal decision. They will assist in creating a power of attorney tailored to meet specific needs. Contact the attorneys at Stephen Bilkis & Associates New York office for help; our attorneys possess all of the legal knowledge required to ensure your power of attorney complies with all requirements and laws.

Choosing an Attorney-in-Fact

People typically select their spouse as an attorney-in-fact as they understand property, finances and other aspects of importance to them. Although children can also act as attorneys-in-fact for some people, some key considerations need to be kept in mind when naming an individual as their attorney-in-fact.

Understanding your values and beliefs is paramount for an agent signing papers on your behalf, particularly healthcare agents who will be charged with meeting all your medical needs and making decisions in accordance with your beliefs, values and wishes.

Your attorney-in-fact should possess the skills needed to oversee your finances and assets effectively and have an intimate knowledge of your unique circumstances. Experience in such fields – for instance being an accountant or having worked in nursing – may prove beneficial; additionally having these abilities makes it easier for third parties like banks and lenders to recognize his authority and grant their requests.

Your attorney-in-fact should possess both the skills and knowledge needed, but also possess a strong sense of trust and respect for your privacy. No one should try to take advantage of you in your time of need by spreading gossip or becoming intrusive with their comments.

Be certain that whoever you appoint as your representative is willing and available. Being represented can have serious ramifications on quality of life and should only be undertaken if someone understands its significance and has your best interest at heart.

Selecting someone unwilling or experienced in divorce proceedings can create unnecessary friction when handling joint property. Furthermore, your attorney-in-fact should be willing to travel and spend time on your behalf when necessary as much of their work may involve meetings with financial institutions or third parties.

Though not required, choosing an attorney-in-fact who specializes in estate planning and legal processes may provide many advantages; their training and expertise could prove useful when navigating through legal systems. An attorney-in-fact could also be a friend or family member.

Limitations of Attorney-in-Fact

Although broad powers of attorney can be useful in estate planning, they should never be used to give another person complete control of your life and property. Instead, you can limit their authority by specifying specific tasks they can complete for you; such as signing deeds at real estate closings or managing bank accounts. You can still limit their power and revoke it at any time while you remain capable.

Dependent upon the specifics of your power of attorney, an attorney-in-fact may manage various financial, health and other affairs on your behalf. Spouses or close family members often make ideal choices as they know more about your property, bank accounts and affairs; however it’s also important to carefully consider their qualifications, current situation and personal history when selecting an attorney-in-fact. Fiduciaries owe fiduciary responsibilities that must be fulfilled responsibly, practically and in your best interests; failure to do so could result in legal liability for them or you.

An attorney-in-fact must keep records of transactions and decisions made on your behalf, which you should periodically review to ensure accuracy. If they refuse to provide these reports or disclose them when asked by third parties, this should be seen as an indicator that it might be time for change in agents.

Finally, it is wise to include provisions in your power of attorney that limit how your property will be used so as not to cause undue hardship on your spouse or loved ones. This will protect them from incurring additional legal expenses should their attorney-in-fact waste money on things unrelated to your care or estate.

One final thing to bear in mind: If your attorney-in-fact mismanages their authority and you become incapacitated, court-appointed guardianship proceedings could become necessary – though this can involve costly legal expenses as they will choose someone not necessarily acting in your best interest.