Full question:
IS it possible to assign power of attorney to more than one person: one for tax matters and another for all personal matters including personal finances if the principal becomes incapacitated or dies?
- Category: Power of Attorney
- Date:
- State: New Jersey
Answer:
The answer will depend on all the facts involved, such as the wording of the power of attorney, including the nature of the powers granted and whether it states that the agents must act in agreement or not. When two people are appointed by the principal to act as attorney in fact, it is important to determine if both have to act together or if either can operate independently of the other. This should be set forth in the instrument itself. Typically, a power of attorney may only be revoked or modified by the principal. However, if an agent acts outside her authority or breaches her fiduciary duty, it is possible to petition the court for relief.
Typically, when co-agents are appointed in the same document, the authority granted applies to both agents. To minimize confusion or disagreement among co-agents appointed in a single document, it may be preferable to execute a two separate limited power of attorneys applying separately to each matter and assigning limited powers as described in the power of attorney to only one agent. For example, it is possible to draft a power of attorney limited to granting only power to act in tax matters, and specifying the authorized acts, while another limited power of attorney may appoint another agent who has powers over other specified financial matters, excluding tax matters as specified in the other document.
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.
