An Attorney-in-Fact (or Agent) is the person you appoint to manage your financial or legal affairs under a Power of Attorney. While state laws vary slightly, most states require that an Attorney-in-Fact meet the following basic criteria:
Age Requirement:
The individual must be at least 18 years old or the age of majority in your state.Mental Competence:
The person must be of sound mind and capable of making rational decisions.
Choosing the Right Attorney-in-Fact
Since this person will handle important financial matters on your behalf, it's crucial to select someone who is:
Trustworthy: Choose someone who will act in your best interest and honor your wishes.
Financially Responsible: Look for a person with good financial habits and the ability to manage money effectively.
Reliable and Available: They should be dependable and have the time and willingness to take on the role.
Organized and Detail-Oriented: Managing financial affairs often involves handling detailed transactions, keeping records, and meeting deadlines.