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Attorney‐in‐Fact
A person given authority to act on behalf of another person. The person granting the authority is called the principal. A principal can appoint any adult to be their attorney-in-fact and that person does not have to be a lawyer.
Typically, people appoint an attorney‐in‐fact in a written power of attorney, granting the attorney‐in‐fact the power to transact whatever business the principal decides to grant, for example, pay bills , enter into contracts, or make transfers of property. The authority of the attorney‐in‐fact expires when revoked or at the principal's death.
Under New York Law an "'Agent” means a person granted authority to act as attorney-in-fact for the principal under a power of attorney, and includes the original agent and any co-agent or successor agent. Unless the context indicates otherwise, an “agent” designated in a power of attorney shall mean “attorney-in-fact” for the purposes of this title. An agent acting under a power of attorney has a fiduciary relationship with the principal." General Obligations Law §5-1501(2)(a).
An attorney-in-fact is in a
fiduciary
for the Principal and therefore must:
Act according to the principal's directions or in the principal's best interest.
Avoid conflicts of interest.
Keep the principal's property separate from the agent's property and property under the agent's control.
Keep records of receipts, expenditures, and other transactions.
Avoid making gifts to themselves unless the principal has authorized such gifts in the New York Statutory Gifts Rider to the Power of attorney.
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