"Who may act as an agent under a Power of Attorney?"
Answer: In general, an agent (or "attorney in fact") may be anyone who is legally competent and over the age of majority. Most individuals select a close family member such as a spouse, sibling or adult child, but any person such as a friend or a professional with outstanding reputation for honesty would be ideal. You may appoint multiple agents to serve either simultaneously or separately. Appointing more than one agent to serve simultaneously can be problematic because if any one of the agents are unavailable to sign, action may be delayed. Confusion and disagreement between simultaneous agents can be another cause of inaction. Therefore, it is usually more prudent to appoint one individual as the primary agent and nominate additional individuals to serve as alternate agents if your first choice is unwilling or unable to serve.
Julie Low, Attorney at Law
Law Office of Julie Low, PLLC
Beverly, Massachusetts 01915
978-338-4465
Comments on "Who may act as an agent under a Power of Attorney?" »
I would consider your selection with extreme care. Do not chose anyone just because it seems right or fair. Things to consider are whether the potential agent values money in the same way you do. if you are a saver, do not pick a spender. Does your potential agent have the correct level of expertise or know who can provide it. What is your agent's need for money. he or she has access to yours. John is correct about multiple agents, New York Law offer another choice, more then one agent,but each may each individually. That also creates problems,if each works at cross- purposes with the other. For example they may list your home with different brokers. In making this decision, one other consideration. is the relationship between the potential agents generally cooperative or not.
I would advise speaking with an attorney in your state before doing anything.