Principal personal finance definition1/30/2024 If you fail to fulfill your duties as an attorney-in-fact, you may be held liable for any damages or losses that result from your actions or inactions. This means that you have a legal obligation to act in the best interests of the principal and to follow the instructions and guidelines set forth in the power of attorney. The person appointing the attorney-in-fact is called the " principal," and the attorney-in-fact is sometimes referred to as the " agent."Īs an attorney-in-fact, you are legally responsible for carrying out the duties and responsibilities assigned to you by the principal. Sometimes the courts can assign an individual power of attorney for another person if they have become incapacitated.Īn attorney-in-fact is a person who has been legally appointed to act on behalf of another person in a legal or business matter.The person appointing the attorney-in-fact is called the "principal," and the attorney-in-fact is sometimes referred to as the "agent.".
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