Question

Jim was called to active duty in the military. Knowing that he would be out of the country for a year or more, he gave his sister Peg authority to pay bills in his name, access his bank accounts, buy and sell stock in his brokerage accounts, and incur expenses to maintain his house and car and boat. By Jim signing a power of attorney, Peg will be named as a _______________.

Answer 1

Jim has named his sister Peg as his attorney-in-fact or agent through a power of attorney, allowing her to manage his financial and personal affairs while he is on military duty.

Step-by-step explanation:

By signing a power of attorney, Jim has granted his sister, Peg, the legal authority to act on his behalf. Peg is therefore named as Jim's attorney-in-fact or agent. This position allows Peg to manage Jim's financial affairs, including paying bills, accessing bank accounts, and buying and selling stock, as well as maintaining his house, car, and boat during his absence due to military service.