Because an attorney-in-fact under a durable power of attorney is usually granted broad powers, the person you choose should be someone you trust completely and know will act in your best interests. You should have absolute faith in the agent’s loyalty, competence, and devotion. People often select a family member, close friend, or a professional with a reputation for honesty. The person you choose may, but need not be, the same person as the executor of your will, or the successor trustee of your revocable living trust.
You want to choose someone who is willing and able to serve. You can’t force someone to accept the appointment.
You do not want to spring your decision on your attorney-in-fact after you have executed the document.
Sit down and have a frank conversation with the candidate. Make sure he or she knows what duties the appointment will entail and that he or she feels capable of fulfilling them. Then secure the person’s consent before naming him or her.
You can select more than one person to act as your attorney-in-fact.
If you choose more than one, you need to decide whether to grant them the authority to act individually or only jointly. Pros and cons exist for each method.
Granting your attorneys-in-fact power to act individually allows one agent to act quickly on your behalf without needing to consult the other.
On the other hand, requiring your attorneys-in-fact to act jointly provides a built-in safeguard to ensure your agents are acting in your best interests. Each operates as a check on the other. A downside of requiring the agents to act jointly is that they could disagree on how to handle the matter, or one may be unavailable, which could cause delays in completing the action.
It’s a good idea to name an alternate attorney-in-fact to serve if the first person you name is unavailable or unable to serve when the time comes.
Call Us Today for Assistance with Your Business Needs
At Kramer, Green, Zuckerman, Greene & Buchsbaum, P.A., we offer comprehensive legal services so that we can protected your assets and minimize your costs when you are going through the sale of your business. We are here to help you navigate the complex legal problems that often during the sale of a business in the most efficient manner possible. Call us at (954) 884-8385 or find out more about our legal services online. Set up a time to talk to us about your legal needs today.