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:
Yes, you can assign power of attorney to more than one person for different matters. However, the specifics depend on how the power of attorney document is worded. It’s crucial to clarify whether the appointed agents must act together or can operate independently. This should be clearly stated in the document.
Typically, a power of attorney can only be revoked or modified by the principal. If an agent exceeds their authority or breaches their fiduciary duty, it may be possible to seek court intervention.
When appointing co-agents in the same document, the authority usually applies to both. To avoid confusion, it may be better to create two separate limited powers of attorney. One can be specifically for tax matters and the other for personal financial matters, with each agent given defined powers. This way, you can clearly outline the responsibilities of each agent without overlap.
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.