Your Questions About Attorney In Fact
Ken asks…
What’s the difference between an attorney at law and an attorney in fact?
An attorney in fact is like a power of attorney right?
admin answers:
An attoney in fact holds a power of attorney. An attorney at law is a person admitted to the bar of a state.
James asks…
Is there a difference between having durable general power of attorney and being called my attorney-in-fact?
Basically I need to know that if you have durable general power of attorney, is that the same as being called that person’s attorney-in-fact?
admin answers:
Yeah, it sounds like the ‘durable’ power of attorney has some additonal clauses so my guess is yes. I didn’t know this off hand but here’s some definitions from the web. Good luck!
General Power of Attorney – authorizes your Agent to act on your behalf in a variety of different situations.
“Durable” Power of Attorney -The general, special and health care powers of attorney can all be made “durable” by adding certain text to the document. This means that the document will remain in effect or take effect if you become mentally incompetent.
Lizzie asks…
What’s the difference between “attorney” and “attorney-in-fact” ?
admin answers:
In lay mans terms , i would say , from the street , an attorney is a front man that scared people that have no business doing business hide behind , just another paid hand puppet to insulate and protect , to take orders and do biddings , to lie , cheat , and steal for their master , an attorney in fact , is a person that would defend you , and the law as it is known , for no charge , or minimal at best , just because , in fact , it is the right thing to do , but thats just one dumb guys opinion .
Thomas asks…
How long must an attorney-in-fact keep records?
An attorney-in-fact (via power-of-attorney) is a fiduciary, and is required to keep detailed and accurate records of all relevant transactions entered into on behalf of the principal. Is there a requirement as to how long an AIF must keep these records? I’m guessing that there must be some rule or code that addresses this matter, but I’ve been unable to locate it. So, if you have a link, please share! Thank you.
It was a bit late when I posted, but I should probably add that this is in CA. The principal for which the AIF served passed away in Jul 06, and since that time, the AIF has served as the trustee over the estate. There have been reasons to expect self-serving back to when the principal was hospitalized about 4 years ago. A full accounting has been requested, for which the beneficiaries are entitled. The trustee / former AIF is saying he doesn’t have such records that far back anymore, thus my question as to the requirement – in CA. Thanks so much!
admin answers:
Records should have been provided on a yearly basis.
California Code outlining the Duties of a Trustee:
http://caselaw.lp.findlaw.com/cacodes/prob/16000-16015.html
16062. (a) Except as otherwise provided in this section and in Section 16064, the trustee shall account at least annually, at the termination of the trust, and upon a change of trustee, to each beneficiary to whom income or principal is required or authorized in the trustee’s discretion to be currently distributed.
16063. (6) A statement that claims against the trustee for breach of trust may not be made after the expiration of three years from the date the beneficiary receives an account or report disclosing facts giving rise to the claim.
Http://caselaw.lp.findlaw.com/cacodes/prob/16060-16064.html
Have the beneficiaries requested any such records on an ongoing basis? Do they receive yearly account records?
Have him/her go directly to the financial institutions for detailed records and accountings of any account records not maintained. (Perhaps for a small fee) They will be more than happy to provide him/her with detailed historical account data. There are surely tax records as well, and the IRS is another place that keeps records (far longer than most of us would like!). Have him/her request records. Every trust files a tax return.
Laura asks…
can a person elect someone other than there spouse to be an attorney in fact under the power of attorney?
a relative of mine is married husband isnt making the best medical choices for her and because of that she has asked someone else to follow through with her wishes for medical care. we are looking into obtaining a power of attorney for healthcare but i am wondering if she would be able to appoint someone other than her spouse as an attorney in fact
admin answers:
She can appoint anyone at all, and the next of kin then has no legal power to act.
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