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When establishing a financial POA, it's important to consider the specific tasks and responsibilities the agent will have with such a power, similar to how you would with a limited power of attorney.
A Durable Power of Attorney Form Is Necessary Because You Just Never Know. You may never need someone to make financial decisions for you. But life is unpredictable. You simply never know ...
A power of attorney may be: special (also called limited), general, or temporary. A special power of attorney is one that is limited to a specified act or type of act. A general power of attorney is one that allows the agent to make all personal and business decisions [9] [10] A temporary power of attorney is one with a limited time frame. [11]
Fiduciary Duties. [TPC §489B(a)] An attorney in fact or agent is a fiduciary and has a duty to inform and to account for actions taken under the power of attorney. Sec. 751.102. Duty to Timely Inform Principal. [TPC §489B(b)] (a) The attorney in fact or agent shall timely inform the principal of each action taken under the power of attorney.
Universal agents hold broad authority to act on behalf of the principal, e.g. they may hold a power of attorney (also known as a mandate in civil law jurisdictions) or have a professional relationship, say, as lawyer and client. General agents hold a more limited authority to conduct a series of transactions over a continuous period of time; and
In the United States, a district attorney (DA), county attorney, county prosecutor, state's attorney, prosecuting attorney, commonwealth's attorney, or solicitor is the chief prosecutor or chief law enforcement officer representing a U.S. state in a local government area, typically a county or a group of counties. The exact scope of the office ...
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