Answer: You may Permit a Corporation to Act as your “Attorney In Fact”
A durable power of attorney is a written document by which one person permits another person to act as his or her agent notwithstanding (or as a result of) the first person’s subsequent incapacity [California Probate Code §§ 4022 (“power of attorney” defined), 4124 (“durable power of attorney” defined)].
The person who confers the authority is the “principal” [California Probate Code § 4026], and the person on whom the authority is conferred is known as the “attorney in fact” [California Probate Code § 4014].
For example, a bank or trust company (perhaps one that has also agreed to serve as trustee under a trust created by you) may in some cases be willing to act as an attorney in fact under a durable power of attorney.
Many business banks have trust departments with highly trained trust officers with experience advising small business corporations who will be able to give additional guidance at the time the specific powers are drafted.
Some people will choose to write a power of attorney using a form purchased from a stationery store. Because you are permitting someone else to make (or something else – a corporation) to step into your shoes and make legal decisions or business decisions for you, it is a wise practice to retain an Orange County Business Attorney or an Orange County Corporate Attorney to draw up, or at a minimum, review the power before it is signed.
The selection of an appropriate attorney in fact is essential if the principal is to receive all of the desired benefits of the durable power of attorney. An attorney in fact must be both able and willing to act on the principal’s behalf.
It is generally best if the attorney in fact is located in the same county and state as the principal. This may be problematic if choosing a corporate entity so make the decision carefully.
