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Choosing your Agent in a Power of AttorneyYour Attorney-in-Fact or Agent in a Power of Attorney must have special qualities. 
An Agent has a fiduciary duty to the Principal. This means that an Agent must always act in the best interests of the Principal. There must be no conflict of interest, self-enrichment or dishonesty. An Agent can be granted so much power, especially in a General Power of Attorney, so it is vital to choose someone who is honest, loyal, conscientious and who has the Principal's best interests at heart. Our variety of free power of attorney forms can help you determine how much or how little power you wish to grant your Agent in a power of attorney. You can choose a family member, trusted friend or professional such as your lawyer or accountant. It can be more than one person simultaneously and it's your choice whether all decisions must be made jointly or severally (independent of one another). Before naming an Agent(s), you must discuss and confirm with them that they are willing to serve. There is no governing body tasked with "policing" an Agent. It is up to the Principal and family or friends to monitor the actions of an Agent. An Agent in a power of attorney can be expected to keep and periodically provide accounting records of all transactions. If not a spouse, an Agent must keep separate bank accounts for himself and the principal. An Agent can only make gifts (often used in estate planning) if so authorized in the power of attorney. A family member may serve without payment but a professional will probably charge a fee. Unless an amount has been agreed upon, the Agent is entitled to compensation according to the law - normally a percentage of transactions or the estate. This percentage must be determined and negotiated beforehand. If at any stage the Principal feels that the Agent in a power of attorney is not acting in his best interests or is abusing his powers, he should immediately issue a revocation. Do this orally and in writing to your Agent as well as to interested third parties, such as a bank and deeds office. Request all copies of the power of attorney to be returned to you. Serious fraud must be reported to the legal authorities.
 Return from Agent in a Power of Attorney to Free Legal Document There are many good reasons to make a power of attorney but be absolutely sure that your Agent in a power of attorney is the right person for the job.
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