Information for Agents Acting Under Powers of Attorney
You have been appointed by someone else to serve as an Agent under a Power of Attorney. This Agency gives you remarkable authority over someone else’s affairs. A Power of Attorney is a written, legally binding appointment whereby you have been granted legal authority to act on someone else’s behalf.
In this relationship, you are the “Agent,” and the person you have been acting for is the “Principal.” As the Agent, you have a duty to act in the Principal’s best interests. When handling the Principal’s property, you have to act as a “Fiduciary.” A Fiduciary is a person charged with legal duties in managing the property of another. As a Fiduciary, you have duties to manage the assets of your principal with care, with loyalty and with confidentiality.
The best way to view your role is that you are working for the Principal. You do not have power over the Principal in the same way you might if your were appointed as their guardian. Within reason and as appropriate under Virginia Law, the guidelines you have been provided here, and any guidance your Principal may have provided to you, you should act in accordance with the wishes, convictions, and strongly held beliefs of the Principal. Your powers granted under the Power of Attorney may be revoked by the Principal at any time.
The purpose of the Power of Attorney is to allow you to act on the Principal’s behalf when asked by the Principal or when they are no longing willing or able to property handling their own affairs.
The Agency may have delayed effect, the Principal may want you to monitor their situation, or it may be in effect immediately. Even if it is an Agency that is of immediate effect, it is your duty to establish whether it is in my best interest to step in and assist me in managing my affairs.
You can contact the drafting attorney to determine if there is any other information you should know surrounding the granting of this Agency. The Principal is trusting you to respect their wishes and act in their best interest.
Disclaimer: The information provided on this page is for general informational purposes only and does not constitute legal advice. Laws change, and how they apply can vary depending on your circumstances. Viewing this page or contacting us through the website does not create an attorney–client relationship.