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A person wants to give you the power of attorney for their finances. In this matter who is the agent and who is the principal?
Wiki User
∙ 15y ago
The power of attorney is the form or document used to create the attorney-in-fact. The person who signs the power is the principal, the person designated as having the power of attorney is the agent or attorney-in-fact. The power can be limited and/or durable or general. It can also be limited to a specific purpose, like signing documents to purchase or sell a house. Durable means it continues in effect even though the principal becomes mentally incompetent. The power ends on the death of the principal unless revoked earlier.
Wiki User
∙ 15y ago
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Is durable power attorney still in effect after they pass away?
No, a durable power of attorney is no longer in effect once the person who granted it passes away. After the person's death, the authority given to the agent under a durable power of attorney immediately terminates.
A relationship where one person acts for the benefit and with the autority of another is?
A relationship where one person acts for the benefit and with the authority of another is known as a fiduciary relationship. This type of relationship involves a high level of trust, care, and responsibility towards the other person's interests.
Is attorney a noun an adjective or a noun?
"Attorney" is a noun. It refers to a person who is legally qualified to represent others in court.
Does a person have to be an attorney in order to be attorney general?
In the United States, a person does not have to be an attorney to serve as Attorney General in all states, but having a law degree and legal experience is typically preferred for the role. Requirements may vary by state and country.
Must you notarize the POA of an incompetent person?
It is not recommended to notarize a power of attorney (POA) for an incompetent person as they may not have the legal capacity to understand the document or its implications. In such cases, it is advisable to seek legal advice on how to proceed with matters related to an incompetent individual.
Who is the principal on a power of attorney?
The principal is the person granting the power of attorney. The grant is valid until revoked or the person dies.
Are you responsible for person finances after death with a general power of attorney?
A power of attorney represents a living person. After their death, the power of attorney is no longer valid.
How can the person who has power attorney get out of it?
You can resign in writing and the principal can appoint another attorney-in-fact.
Who is the principal on power of attorney?
The principal is the person granting the power of attorney. The grant is valid until revoked or the person dies.
Who would Power of Attorney be executed by?
A Power of Attorney is executed voluntarily by the principal who wishes to grant another person the authority to act for them on their behalf. The principal must have the legal capacity to execute a POA.A Power of Attorney is executed voluntarily by the principal who wishes to grant another person the authority to act for them on their behalf. The principal must have the legal capacity to execute a POA.A Power of Attorney is executed voluntarily by the principal who wishes to grant another person the authority to act for them on their behalf. The principal must have the legal capacity to execute a POA.A Power of Attorney is executed voluntarily by the principal who wishes to grant another person the authority to act for them on their behalf. The principal must have the legal capacity to execute a POA.
Can someone with powers of attorney sign another power of attorney on behalf of the person the original power of attorney is for after they have died?
No. A POA can only be executed by the principal and it ends upon the death of the principal.
Is attorney in fact the same as power of attorney?
No. "Attorney-in-fact" refers to a person who is granted authority to act for the principal in a power of attorney.The general power of attorney refers to the document,executed by a principal, that creates the power to act for the principal.
Does pwer of attorney give you power of the deceased person money?
No. A power of attorney ends upon the death of the principal.
Is a power of attorney still valid after the principal dies?
A power of attorney terminates when the principal dies.
What happens when the principal dies with his power of attorney?
A "power of attorney" refers to a written instrument, executed by one person (the principal) that allows another person (the attorney in fact) to act on their behalf. If the principal dies the power of attorney is extinguished. If the attorney in fact dies the principal must execute a new power of attorney that names a new attorney in fact.
How enforceable is a poa when step children are involved on both sides but only one of them have power of attorney?
A person (the principal) can grant a Power of Attorney to any person (the attorney-in-fact) they choose and trust. That POA is between the principal and their attorney-in-fact. There is no question about it being "enforceable". It remains in force until it has been revoked by the principal. Other family members have no rights regarding the POA whatsoever.
How power of attorney works?
A power of attorney grants another person the authority to act in name, place and stead for the principal.
