The agent may hire accountants, lawyers, brokers or
other professionals to help with the agent’s duties but
generally may not delegate the responsibilities as agent.
The power of attorney was given by the principal to
the agent, and the agent does not have the right to
transfer that power to anyone else. It is important that
the agent keep in mind the fiduciary duties when hiring
professionals to help.
The authority of any agent under a power of attorney
automatically ends when one of the following things
happens:
• The principal dies.
• The principal revokes the power of attorney.
• A court determines that the principal is totally or
partially incapacitated and does not specifically provide
that the power of attorney is to remain in force.
• The purpose of the power of attorney is completed.
• The term of the power of attorney expires.
In any of these instances, the power of attorney is
terminated. If, after having knowledge of any of these
events, a person continues to act as agent, he or she is
acting without authority.
The authority of an agent under a power of attorney
automatically ends when one of the following things
happens:
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• The agent dies.
• The agent resigns or is removed by a court.
• The agent becomes incapacitated.
• There is a filing of a petition for dissolution of
marriage if the agent is the principal’s spouse, unless
the power of attorney provides otherwise.
The revocation must be in writing and may be done by a
subsequent power of attorney. Notice should be served
on the agent and any other party who might rely on the
power. The notice should be served either by any form of
mail that requires a signed receipt or by certain approved
methods of personal delivery. Special rules exist for
serving notice of revocation on banks and other financial
institutions. Consult with a lawyer to be sure proper
procedures are followed.
An agent is a fiduciary and as such has multiple
duties when acting for the principal. These include an
overriding duty to do only those acts authorized by the
power of attorney, and when performing those acts
to act in accordance with the principal’s reasonable
expectations, to act in the principal’s best interest and to
attempt to preserve the principal’s estate plan applicable
to them.
For more information, contact an attorney.
Information for this article was provided by Consumer
Pamphlet 13, www.floridabar.org.