5 Things You May Not Know About an Attorney-in-Fact

1. What is it? An attorney-in-fact is an agent who is authorized to act on another’s behalf.

2. Is that person authorized to practice law? Not unless that person is a licensed attorney in that state. An attorney-in-fact is a person acting in a fiduciary capacity for another.

3. Why would I want to have an attorney-in-fact? A Durable Power of Attorney can give your attorney-in-fact the power to access and manage your estate. For example, this could be beneficial if you were in a temporary state of incapacity and needed someone to access your accounts.

4. Does that mean my attorney-in-fact could have access to my accounts right away? That depends on what power(s) you give your attorney-in-fact. It can be an immediate or a “springing” power, meaning the power springs into effect upon the happening of some event.

5. What powers are included? That depends on what powers you give your attorney-in-fact. Some powers you can include are:

Real estate transactions;

Tangible personal property transactions;

Business operating transactions;

Personal and family maintenance;

Banking and other financial institution transactions;

Stock and bond transactions;

Commodity and option transactions;

Insurance and annuity transactions;

Claims and litigation;

Benefits from Social Security, Medicare, Medicaid, or other governmental programs, or civil or military service;

Retirement plan transactions; and

Tax matters.