 Sam
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Joined: 21 May 2005
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 Posted: Thu Apr 08, 2004 4:08 am Post subject: Attorney-in-fact |
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An Attorney-In-Fact (agent) is an individual who is given a power of attorney by another person (principal) to execute documents in his absence. The person needs to fill up a power of attorney form before getting the authority to act on behalf of the principal. He may receive partial or total authority to perform the following functions.- Can use assets to pay daily expenses.
- Can collect welfares from Mediacare, Social Security or other government programs.
- Maintain mortgage real estate by paying taxes at regaular interval of time.
- Invest money in stocks, bonds, and mutual funds.
- Make decision for buy and sell of insurance policies and annuities.
- File and pay tax liability.
- Manage transaction with banks account and retirement account.
For example,Shawn has left for a holiday for 15 days, he gave the power of attorney to Jennifer to take decisions and manage his work on behalf of him. Jennifer is known as 'attorney-in-fact'. |
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