Mateya Law Administrator

When an attorney in fact (the person who is appointed as the agent through the power of attorney document) walks into the investment adviser’s office and says “My Aunt Gertrude would like to change the beneficiary on her investment accounts,” is she taking an action that she is allowed to take?

If Aunt Gertrude has executed a power of attorney document and named Minny as her attorney in fact, then the answer is very likely a resounding YES! Consider the following exchange:
Financial Advisor: “And who might you be?”

Attorney In Fact: “I’m Minny, my Aunt Gertrude’s Power of Attorney” (they always call […]

What does “attorney in fact” mean?
Before we address the how of making this choice, a little nomenclature lesson is in order. The person you choose will be your “attorney in fact” and not your “power of attorney.” So if Aunt Mildred appoints Milly, then Milly is her attorney in fact, not her power of attorney. You will hear people say “He is my power of attorney,” when in fact what they should be saying is “He is my attorney in fact.” And, not that it matters in this discussion, but I have learned that there are a few judges who […]

Abuses of Power Of Attorney – What to do and not to do (and a little of what to look for)

When I speak to groups of professionals who deal with seniors, I often ask about abuse. I will ask if anyone has seen a person who is holding the power of attorney for another (called the agent or attorney in fact) abuse that power. Without exception, I see the heads nod, usually accompanied by a look of sadness, like the grimace of a dull pain. I then ask “How many of you have been involved in actively pursuing the abuser?” […]