Can a Power of Attorney Require Two Signatures to Approve an Action?
Full Question:
Answer:
Yes, a power of attorney may name more than one agent and specify that they must act jointly. When two people are appointed by the principal to act as attorney in fact, it is important to determine if both have to act together or if either can operate independently of the other. This should be set forth in the instrument itself. Typically, a power of attorney may only be revoked or modified by the principal. However, if an agent acts outside her authority or breaches her fiduciary duty, it is possible to petition the court for relief.
Typically, when co-agents are appointed in the same document, the authority granted applies to both agents. To minimize confusion or disagreement among co-agents appointed in a single document, it may be preferable to execute a two separate limited power of attorneys applying separately to each matter and assigning limited powers as described in the power of attorney to only one agent.
