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Having multiple agents and their duties

There are times when multiple agents are needed. The principle or person giving the nomination may choose to have their designated agents act together on matters if they wish. When this is the case, it means that any and all decisions for which they have been given the authority (power) must be agreed upon and approved by both agents before any action can take place. However, the appointment may be for the different agents to also act individually.

Doing a form of power of attorney with two or more agents acting on behalf of one person is often discouraged, as this can cause conflicts and difficulties when trying to complete transactions and other problems can arise as well. Also, keep in mind that there are some states that have specific appointment rules when multiple agents will be appointed. Regardless of this, a principle can attach agents as they see fit. It is best to clearly explain what each appointment is for to ensure that no issues arise and there is no confusion about what the duties of each of the appointments are. Also, when two or more agents will be appointed, it is best to ensure that they are people who can work together and have your best interests in mind when making decisions.

The duties of the agent or agents can be very basic or very specific, all depending on what is needed. First, the agent must only act in the best interest of the principle. Agents are obligated when appointed to act legally and ethically in the best interest of, as well as in good faith, the principle that appointed them. The authority that the principal may grant to his agent in the form of a power of attorney may include, but is not limited to:

• Pay the principal’s bills from a bank account that the principal has authorized them to use.
• Decision making in investment, banking and real estate as well.
• Ensure the collection and deposit of benefits of any kind, such as social security.
• Pay and file all taxes on time.
• Being a representative when it comes to matters involving an inheritance or property claims.
• Hiring a lawyer for the beginning when necessary.
• Maintain and manage retirement accounts, as well as sell and buy insurance or annuities.
• Management of all commercial matters of the principals.

Please note that the agent must keep detailed records of each and every transaction that occurs when making decisions for the principle. In addition, all money held by the principal must be kept separate from the designated agent’s money, and an acting agent may not give each other money or property from the principal’s estate unless specifically stated on the power of attorney form. Lastly, the agent can never benefit from any transaction made on behalf of the principle, unless specifically stated in the form. Again, the amount of power the agent has will depend solely on the authority assigned to them and specified in the power of attorney form. This will be an agreement between the principal and the agent or agents that are chosen.