Many people are unsure about what an attorney –in –fact is. An attorney – in –fact is appointed when a durable power of attorney is created. The attorney – in – fact will act on behalf of another individual who is referred to as the principal.
The power that is given to the attorney – in –fact may be for a specified amount of time or for a special reason. Many business owners will use an attorney-in-fact when they are going to be away for a period of time either due to travel or because they are ill.
There is a lot of responsibility that comes with being an attorney – in – fact as any estate lawyer will inform you. When choosing someone for this position it is important to make sure that the person that is chosen is extremely trustworthy and honest.
Another reason that an individual may name an attorney – in – fact is in regard to their health care needs. A person may appoint a person to make any health care decisions for them should they become incapacitated and unable to do so.
The principal and the attorney – in – fact will have a fiduciary relationship. This relationship will require the attorney – in – fact to take caution in managing all of the affairs that they are placed in charge of by the principal. There should be a high degree of discretion when managing these affairs.
A New York Probate Lawyer said an estate attorney will be able to advise you on the fact that fiduciary litigation is becoming quite common in the state of New York. Fraud, theft, and mismanagement of the estate are common reasons for this type of litigation. A family member who is not happy with how an estate is being handled may also come forward to accuse an attorney – in – fact of stealing, self dealing, or having a conflict of interest, among other things.
Anyone that finds themselves in a fiduciary litigation matter should contact an estate lawyer for help. An experienced estate lawyer will be able to help you through this type of case as it can become quite complex to deal with.
Estate planning is one of the more complicated areas of the law. At Stephen Bilkis & Associates our estate lawyers are experienced in the field of estate planning. They are happy to discuss your case with you and help you determine what your best course of action is in regard to your personal situation. You may contact the office to set up a free consultation at any time.