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Power of Attorney
Can I appoint a non-attorney as my agent in a proxy form?

Can I appoint a non-attorney as my agent in a proxy form?

Q: What are the responsibilities of an agent under a power of attorney?

An agent under a power of attorney must act according to your instructions and in your best interest. Their responsibilities include managing your finances, keeping accurate records, and avoiding any personal gain from transactions unless permitted. They cannot make gifts or transfer your property without your explicit consent.

Q: Can I revoke a power of attorney at any time?

Yes, you can revoke a power of attorney at any time as long as you are mentally competent. To revoke it, you should provide written notice to your agent and any relevant institutions. It's also advisable to create a new power of attorney document if you wish to appoint someone else.

Q: What happens if my agent misuses their power?

If your agent misuses their power, they may be held legally accountable for any losses incurred. You can take legal action against them for breach of fiduciary duty. It's important to monitor your agent's activities and seek legal advice if you suspect misuse.

Full question:

In the proxy forms, I want to appoint a non-attorney to represent me at a meeting, but the language say 'do hereby constitute, appoint and name-as my true and lawful attorney and agent for me-. If the person is not an attorney, should I take that word out of the language and just keep the 'agent' part?

Category: Power of Attorney
Date: 04/07/2025
State: Texas

Answer:

The person you appoint as your agent has specific responsibilities. They must act in your best interest and follow your directions. Agents are considered fiduciaries, meaning they must act with the highest level of good faith on your behalf.

Your agent should keep their finances separate from yours, maintain detailed records of all transactions, and not profit from any transaction involving your interests unless your power of attorney explicitly allows it. They cannot gift or transfer your money or property to themselves without permission.

Fiduciaries owe two main duties to their clients: loyalty and care. The duty of loyalty means they must act solely in your interest, avoiding any conflicts of interest. The duty of care requires them to perform their tasks competently and thoroughly, following industry standards.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Can a non-attorney act as a power of attorney?

Yes, a non-attorney can act as your agent under a power of attorney. The key requirement is that the person you appoint must be trustworthy and able to act in your best interest. They will have fiduciary duties, meaning they must manage your affairs responsibly and avoid conflicts of interest. It's essential to clearly outline their responsibilities in the document.

What does it mean to be a fiduciary?

A fiduciary is someone who has the legal responsibility to act in another person's best interest. This includes duties of loyalty and care. As a fiduciary, your agent must prioritize your interests, avoid conflicts, and manage your affairs competently. This relationship is based on trust and requires transparency in all transactions.