Business and law

There are times when multiple agents are needed. The principle or the person giving the appointment can choose to have their appointed agents act together jointly on issues if they so choose. When this is the case, then this means that any and all decisions that they have been given the authority (power) to make need to be agreed upon together and approved by both agents before any action can take place. However, the appointment can be for the different agents to act individually as well.

Many times it is advised against making a power of attorney form with two or more agents acting on a person’s behalf, since this can cause conflicts and difficulties when trying to complete transactions and other problems can arise as well. Also, keep in mind that there are some states that have specific appointment rules when there will be multiple agents appointed. Regardless of this, a principle can appoint agents as they see fit. It is best to clearly spell out what each appointment is for to ensure that no problems arise and that there is no confusion on what each of the appointments duties are. Furthermore, when two or more agents will be appointed, it is best to make sure that they are people that can work together and have your best interest at heart when making decisions.

The duties of the agent or agents can be very basic to very specific, all depending on what is needed. First and foremost the agent should only be acting in the best interest of the principle. The agents are obligated when appointed to act legally and ethically in the best interest of, as well as in good faith to the principle that appointed them. The authority that the principal can grant to their agent in a power of attorney form can include, but are not limited to:

* Paying the principal’s bills from a bank account the principal has authorized them to use.
* Making decisions regarding investments, banking and real estate too.
* Ensuring to collect and deposit benefits of any kind, such as social security.
* Paying and filing all taxes on time.
* Being a representative when it comes to issues that involve an inheritance or property claims.
* Hiring a lawyer for the principle when necessary.
* Maintaining and managing retirement accounts, as well as selling and purchasing insurance or annuities too.
* Handling all business affairs of the principle’s.

Keep in mind, that the agent must keep detailed records of any and all transactions that occur when making decisions for the principle. Also, all money that the principle has must be kept separate from the appointed agent’s money too, nor can an acting agent gift themselves money or property from the principle’s estate unless it is specifically stated within the power of attorney form. Lastly, the agent can never profit from any transactions that were conducted on behalf of the principle, unless again it is specifically stated within the form. Again, the amount of power that the agent has will solely depend on what authority has been appointed to them and specified within the power of attorney form. This will be an agreement between the principle and the agent or agents that are chosen.
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