Your attorney-in-fact only has the financial authority you grant him in the document creating a durable power of attorney for finances. Generally, an attorney-in-fact has broad authority to:
Beyond routine financial matters, you may want to authorize your attorney-in-fact to:
An attorney-in-fact cannot:
The attorney-in-fact you appoint in your durable power of attorney is known as a “fiduciary,” which is someone who holds a position of trust and must act in your best interests. Thus, your attorney-in-fact is required to:
An attorney-in-fact is not directly supervised by a court and, as such, is not required to file reports with any government agencies. However, a loved one who has doubts about the attorney-in-fact may ask a court to order the attorney-in-fact to take certain actions or ask a court to terminate the power of attorney-in-fact and appoint a conservator to supervise your affairs. If a conservator is appointed for you, the attorney-in-fact has to account to the conservator. Some states have statutes that set out specific procedures for such court actions.
Copyright 2012 LexisNexis, a division of Reed Elsevier Inc.
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