Ask a Lawyer and Get Answers to Your Legal Questions
DISCLAIMER - This answer is not legal advice. No attorney-client relationship is formed. The information provided is for educational purposes only. For specific advice regarding your situation, please consult a qualified attorney in your area.
A POA document does not have to be signed by the agents named in the document. Only the grantor and two witnesses (or one notary) must sign. The agent signs the Notice to Agent accepting the position. If that individual does not sign, he or she does not have the authority to act as agent.
The document should be valid unless it states that the agents can only act if all three agents agree. Usually, when co-agents are named the documents explains how they may act (whether independently or unanimously) and what happens if a named agent refuses to act.
Does is specify all three agents or does it state that "the agents" must act jointly?
"my agents must act jointly"
I believe that a court would determine that the language would only mean the active agents (i.e. the 2 who agreed to act as agents). However, financial institutions may not want to take the chance and may refuse to honor the POA in order to avoid possible liability. I have personally had several financial institutions refuse to honor perfectly legal POAs because they were unsure of the language. A court order would most likely be necessary to force them to honor it. It would be best to have the POA redone to word it more specifically.
Unfortunately, no, not if you wish for her to act as an agent.
That's a possibility. Remember to make sure that the POA is durable or it will cease to be valid if your aunt were to be declared incompetent.
it is durable. just to reiderate I will have three agents acting jointly and my sister as an alternate. it will be signed by all three agents. At that point will this be a valid poa? later if she wants to be an agent, one will resign and she will replace him. I need to know for cerain will Replacing an agent with an alternate still make the poa valid?
Yes and yes.
You are welcome. Ripping up the POA would revoke it, but it would not reinstate the old one. If it were proven to be invalid, however, it would reinstate the old one.
You're welcome. If my answer was satisfactory, please hit "ACCEPT". Good luck.