What happens if two power of attorneys disagree?

If power of attorney co-agents disagree on a financial decision and the principal is mentally competent and not physically incapacitated, then the principal's decision supersedes the representatives. The principal also has the authority to revoke an agent's authority.

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Indiana General Durable Power of Attorney for Property and Finances or...

Durable Power Of Attorney For Property With Multiple Agents

Category:

Power of Attorney - General

State:

Indiana

Control #:

IN-P003

Format:

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Description

The Durable Power of Attorney for Property with Multiple Agents establishes a legal framework allowing designated agents to manage the principal's property and financial affairs, even in cases of disability or incompetency. This form grants comprehensive authority, covering areas such as property transactions, banking activities, and litigation, while empowering agents to work jointly or independently as specified. It allows the principal to appoint multiple agents, enhancing oversight and collaboration in managing assets. Users are instructed to carefully review the document, as it can significantly impact property management and distribution. Filling instructions emphasize clear identification of all parties, including the principal's name, agent details, and any specific powers granted. Special instructions can be noted to limit or expand the agent's authority as desired. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who may require flexibility in managing clients' affairs, providing a mechanism for proactive planning in both personal and business contexts.

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FAQ

Co-agents have equal decision-making abilities and if they are granted joint powers then they cannot act independently and must make all decisions together. This can create serious issues if they do not get along and have trouble reaching consistent agreements.

If power of attorney co-agents disagree on a financial decision and the principal is mentally competent and not physically incapacitated, then the principal's decision supersedes the representatives. The principal also has the authority to revoke an agent's authority.

A power of attorney can name one agent or it can require two or more agents to act together. If you are acting as a co-agent under a power of attorney, but you and your fellow agent disagree on a course of action or one party has stopped participating in decision making, what can you do?

Follow these steps to easily complete our blank durable power of attorney form for California:Step 1: Designate an agent. First, choose someone you trust to be your agent.Step 2: Grant authority.Step 3: Ensure your form is durable.Step 4: Sign and date the form.Step 5: Give copies to relevant parties.