Legal Question in Wills and Trusts in Virginia
My two brothers and I are listed as "co-agents" on our father's Durable General Power Of Attorney. In the definitions section of the POA, "agent" is defined as a person granted authority to act for a principal (i.e. my father) under the POA, whether an original agent, co-agent, or successor agent. To my mind, and those of my brothers, this gives each of us the authority to act individually under the POA, without any need to act together/in concert. No where in the POA is there any statement that we must act in concert. That was also the understanding given to us by the attorney who drew up the POA. Yet, my younger brother is meeting resistance in performing an action under the POA with a bank official, who is claiming that all three of the co-agents must sign off on the particular request.
Is there any "hidden" legal meaning for the term "co-agent" such that a requirement exists that all co-agents must approve/sign-off-on any action taken under the POA, or can a co-agent exercise their authority to take an action without any requirement that the other co-agents do not have to become involved?
1 Answer from Attorneys
Unless the POA specifies the expectation of the principal that all co-agents named
in the document must agree on any actions taken in his behalf, then each may
act independently (in my opinion). ( However, in the situation described with
this bank official, it would seem manifestly prudent for the three of you to sign
off on whatever paperwork this bank official is requiring in order to facilitate the request without further delay that he has so far apparently declined to accommodate.)
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