Kiritsis & Associates

 

Who is an attorney-in -fact? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally, it refers to a type of an agency relationship, where an attorney-in-facts decisions are binding on the principal specifically, it typically arises in cases involving a person who holds a power of attorney, allowing him to execute legal documents. Some jurisdictions, may use the term agent rather than attorney-in fact. The requirements to be an attorney-in-fact, as well as the scope of permitted activities allowed, may be based on jurisdiction and the locality. Since they can bind the principal by executing legal documents, the job of an attorney-in-fact could be very refreshing. If the family dynamic is toxic, then the attorney-in-fact should bee reminded that none of his actions may be deemed satisfactory by the family group. Due to the potential litigation exposure, it is imperative that attorney-in-facts, keep meticulous recordkeeping. Depending on the jurisdiction, local customs and the underlying circumstances, the potential legal exposure of an attorney-in-fact is based on that song. It may be a good idea that the attorney-in-fact be a person familiar with recordkeeping and submission of tax reports to the Internal Revenue Service and the State tax authorities.

 

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