What is a Power of Attorney? What is an Attorney-in-Fact?
A Power of Attorney is a legal tool by which an individual delegates another person or company to manage some or all financial matters. The person or company that is designated is called an “Attorney-in-Fact”, whereas the document itself is called a “Power of Attorney” or POA. Many people use the term POA to refer to both the document and to the person who is acting on their behalf.
An individual who has capacity may utilize a POA to delegate the authority to conduct banking transactions, buy or sell real estate, make investment decisions, take care of tax matters, manage property, make legal claims or conduct litigation, and conduct other financial management. A durable POA continues to be effective if the client becomes incapacitated, whereas non-durable POAs terminate upon the incapacity of the client. The duties of the Attorney in Fact, and the POA document, terminate upon the death of the client.
Why First Fiduciary Corporation as Attorney-in-Fact?
First Fiduciary Corporation was the first professional fiduciary in Minnesota, founded in 1969. We have nearly 50 years of experience and have built a reputation as a trusted leader in the field of fiduciary management. We have handled many complex cases and difficult family situations. Our employees are held to the highest ethical and professional standards, and are amongst the most highly trained and experienced professionals working today. We have become a leader in all facets of fiduciary management and have forged long-term relationships within the legal and social services community.
When named as Attorney-in-Fact, First Fiduciary Corporation will assign a Care Manager who will meet with the client to discuss key POA duties based on the person’s needs and preferences. The Care Manager will be available to not only manage current financial matters, but also to carry out and advocate for previously expressed wishes when the client is unable to do so themselves.