Save time with our cheat sheets, fact sheets, checklists & books!

February 17, 2009

Attorney-in-Fact

Print

Definition

Person authorized to act on behalf of another person, usually as stated within a legal document known as a power of attorney (POA). The person giving the authority for the attorney-in-fact to act on his/her behalf is the grantor or principal.

IRS Definition: An agent authorized by a person under a power of attorney to perform certain act(s) or kind(s) of acts for that person (Publication 947)

Referring Cite

State law

Additional Helpful Information

Financial institutions should be consulted to determine if and when they would accept POAs. Many will accept POAs, but only in limited cases. For instance:

  • Some will not use a POA to change a beneficiary designation
  • Some will only allow the attorney-in-fact to complete transactions that are specifically identified in the POA.
More

Keep Learning

Applicable RMD Age

Applicable RMD Age The first year for which an IRA owner or plan participant must begin to take RMDs from their tax-deferred retirement account. RMDs

SIMPLE 401(k) Plan

Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions

Required Minimum Distribution (RMD)

Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.  For retirement account

Required beginning date (RBD)

Definition The date by which a retirement account owner must begin distributing required minimum distribution (RMD) amounts from a Traditional,  SEP or SIMPLE IRA, a

Be among the first to know when

IRA Rules
Change