What duties does a power-of-attorney agent have?

An agent is a fiduciary. The agent must act in the principal's best interest, follow the document, manage carefully, keep money separate, and maintain complete records.

General information

• Self-dealing can violate the duty.
• The agent's duties may include preserving the principal's estate plan when applicable law requires it.
• Misuse may lead to removal, repayment, or legal action.

Service steps to consider

1. Keeping receipts and account records.
2. Possible resource or approach: the principal's money only for authorized purposes.
3. A licensed attorney or the court can explain the required authority.

Quick check

• Do I trust this agent with money?
• Are the listed powers clear?
• Can the agent find the signed form?

How Complete Wills can help

Complete Wills includes a financial power of attorney in its will-based and trust-based packages. The questionnaire can prepare the document from the customer's selections. Customer support cannot decide which powers to grant, when authority begins, or who serves as agent. Customer support can explain website features and questionnaire fields, but it cannot choose documents, people, distributions, or legal terms, interpret a completed document, or explain how the law applies to a person's facts. Only a separately engaged licensed attorney may provide legal advice within the attorney's engagement.

Important limits

• Power-of-attorney law and form rules vary by state.
• A licensed attorney can provide advice about gifting powers, business authority, Medicaid planning, real-estate transfers, or concerns about abuse. This article gives general information only. A licensed attorney can explain how state law applies to a specific estate plan or document.