What should an agent not do with a power of attorney?

The agent must: not make a gift or otherwise transfer any of the principal’s money, personal property, or real estate to himself unless the power of attorney explicitly states he can do so. Principals usually grant their agents fairly broad powers to manage their finances and to conduct financial transactions in their behalf.

Can a power of attorney be used for personal use?

The unfortunate answer is “yes.” Since he will have access to your financial accounts, he can access your funds and use them for his own benefit. The agent does have a fiduciary duty to use the assets only for your benefit or as you direct in the document. You could therefore later sue the agent for having stolen or misused your funds.

What are the different types of power of attorney?

There are two types of powers of attorney. A durable power of attorney is effective when you sign it and survives your incapacity. A springing power of attorney springs into effect when you are incapacitated.

What are the powers of an agent of a principal?

Even so, principals can grant their agents as much or as little authority as they think reasonable. Typical powers include the authority to do the following: act for the principal with respect to inheritances or claim property to which the principal is otherwise entitled,

Who is the person named in a power of attorney?

The person named in a power of attorney to act on your behalf is commonly referred to as your “agent” or “attorney-in-fact.” With a valid power of attorney, your agent can take any action permitted in the document. Often your agent must present the actual document to invoke the power.

What can you do with a power of attorney?

In a power of attorney, you name someone as your attorney-in-fact (or agent) to make financial decisions for you. The power gives your agent control over any assets held in your name alone.

How are multiple agents appointed under a power of attorney?

Depending on the wording of the power of attorney, you may or may not have to act together on all transactions. In most cases, when there are multiple agents they are appointed “severally,” meaning that they can each act independently of one another.

Can a person have more than one power of attorney?

Yes. You have the legal right to appoint multiple people as your power of attorney. You could even split your durable power of attorney and your medical power of attorney. The legal documents should state whether each agent has full, independent power or if they have to act jointly.