Dual Power of Attorney - Dual POA Form
Legally, only one person is permitted to gain power of attorney over someone who is mentally or physically incapacitated. With a dual power of attorney, two people share the responsibility of acting as a power of attorney agent, but they must agree on all actions before they occur. No one is authorized to act alone when making any decision.
For example, say a mother assigns her two daughters with the responsibility of being dual power of attorney agents. One daughter cannot decide to donate $500 of her mother’s month to her favorite charity without seeking agreement from her sibling. Acting alone opens that sister up to a lawsuit in which she would be ordered to repay the $500 plus interest and even fines. Worse, she could be charged with theft.
Also known as a joint power of attorney, usually this type of agreement ends up causing more trouble than it is worth. Arguments ensue, family disagreements heighten and friends or family members sharing the responsibility of power of attorney stop talking to each other permanently. Tread very carefully if you are set on a dual power of attorney agreement.
Dual Power of Attorney Form
A joint or dual power of attorney requires a slightly different power of attorney form. All three parties of the power of attorney agreement list their information and sign their names. There is a separate clause stating that the dual power of attorney’s agents agree to work in tandem and will not make any decisions without being in complete agreement.
Holding Two Power of Attorney Agreements
There is another dual power of attorney option that involves holding both the durable power of attorney responsibilities and living will trustee responsibilities. In this case, one person is being assigned with control of the incapacitated person’s finances and their health management plan.
Typically, the responsibilities on someone acting as a power of attorney agent and a living will executor do not require extra work. However, it can be taxing for a loved one to have to make critical health care decisions and handle your financial aspects at the same time. Make sure they are truly up for the emotional task.
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