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 Peg to buy and sell stock in his brokerage accounts, and work as his financial advisor. Peg is Jim's______________.

Answer 1

Peg is Jim's attorney-in-fact or agent, appointed through a power of attorney which allows her to manage his financial matters while he is on military duty.

Step-by-step explanation:

Jim was called to active duty in the military and gave Peg the authority to buy and sell stock in his brokerage accounts, and to work as his financial advisor. In this scenario, Peg is Jim's attorney-in-fact or agent, a designation that comes from granting a power of attorney. A power of attorney is a legal document that allows one person (the principal—in this case, Jim) to appoint another person (the attorney-in-fact or agent—in this case, Peg) to act on their behalf in financial, legal, or health matters.

The power of attorney can be general, giving broad powers, or limited or special, granting authority for specific tasks or for a designated period of time, as it may be in this situation with the agreement covering the duration of Jim's deployment.