How to determine a compensation of the attorney-in-fact in the absence of principal’s direction?
I am an attorney-in-fact in the power of attorney of my uncle’s business. I wanna know whether my uncle can fix compensation to me. What will happen if there is no direction from my uncle for my compensation?02/14/2017 | Category: Power of Attorney | State: New Jersey | #32131
“A principal shall have the power to direct whether an attorney-in-fact is to be compensated in a power of attorney or in a separate written agreement dealing with compensation. A principal may direct that an attorney-in-fact be compensated and may provide for the method by which compensation shall be calculated and when compensation shall be paid. In the absence of any such direction and upon appropriate application, a court of competent jurisdiction may award reasonable compensation to the attorney-in-fact.”
In the instant case, your uncle can direct the ways for your compensation in a power of attorney or in a separate written agreement dealing with compensation. If there is no direction from your uncle for compensation, you can apply for compensation in a court of competent jurisdiction. The court may award reasonable compensation.