What Is Attorney In Fact vs. Attorney At Law?

In the personal and professional world, when someone says - 'Here is my attorney.' - EricThole necessitates clarifying the context first. It is a piece of incomplete information unless specified whether that person is an attorney-in-fact or an attorney-at-law.

Both have a huge difference!

In layman language, an attorney-in-fact is an agent authorized to act on behalf of a person but not permitted to practice law. On the other hand, an attorney-at-law like Eric Thole is a lawyer with the authority to prosecute and defend the actions of a person before the court of law.

What is Attorney-In-Fact?

An attorney-in-fact is an agent empowered through the power of attorney document to fulfill specific responsibilities on behalf of a person. Eric Thole states if you want to allow someone to perform any actions on your behalf, you must sign a power of attorney document. It authorizes the person to become your attorney-in-fact.

 Two Types of an Attorney-in-Fact

●     General power of attorney

It allows the attorney to manage all business and sign documents on your (the principal) behalf.

●     Special power of attorney

It allows the person to manage your business and sign various documents on your behalf but only in specific situations.

Eric Thole enumerates situations when a person can use attorney-in-fact.

●     When a parent becomes bedridden, immobile, or unfit to handle financial matters, they can give a general power of attorney to a child to manage the affairs.

●     A generally healthy parent can also appoint an attorney-in-fact in a situation when they undergo surgery. They give the child a special power of attorney until they recover or decide to revoke it.

Powers and Duties

●     Withdrawing funds

●     Opening and closing bank accounts

●     Trading stocks

●     Paying bills

●     Cashing checks

An attorney-in-fact has a fiduciary duty and includes responsibilities like

●     Holding the best interest of the principal (you) in mind and following your wishes

●     Using good faith to make financial decisions on your behalf

●     Being fair and loyal towards you in all decisions

Limitations to the Power

●     An attorney under attorney-in-fact loses all their powers on the demise of the principal. They can only act till the principal is still alive.

●     An attorney under attorney-in-fact has control over the principal's assets but not those held under a trust. Trustees always govern the trust assets.

What is Attorney-In-Law?

Attorney-in-law is a lawyer practicing law and is licensed to represent you legally (after passing the Bar Exam of the state jurisdiction) to prosecute and defend actions in the court of law. They do not have the authority to make decisions (on your behalf) - whether or not to settle in a case. They are qualified legal agents in the Common Law courts.

Eric Thole, an attorney-at-law, also advises clients and represents them and their legal rights in criminal and civil cases. Such attornies-at-law prepare documents, pleadings, etc., and appear in court to advocate on behalf of their clients.

Conclusion

Eric Thole, attorney-at-law, can help with legal matters in the court, but if you need someone to manage your business/finance, appoint an attorney-in-fact.

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