Planning for the Future
Planning for the Future

JCB as Agent or Power of Attorney

What is an Agent?

An Agency Agreement is a contractual agreement through which you delegate authority to JCB to act as your Agent, possibly for some specific purpose or to generally manage your affairs. We can act as your Agent to safe-keep and manage assets, conduct banking and other financial transactions, invest your money, collect income, pay bills and file insurance forms as you may direct.

How is a Power of Attorney different from an Agent?

A Power of Attorney can include more broad legal authority to act on your behalf, and can allow us to attend to tax and retirement matters, make claims and conduct litigation and buy or sell real estate for you. A Power of Attorney can also be made “Durable”, giving us authority to continue acting in your behalf if you should become disabled or incompetent. A “Springing” Power of Attorney is written in a manner that grants authority to act only if you become disabled or incompetent at some future time.

If JCB is my Agent or Power of Attorney, can I continue to make legal and financial decisions for myself?

Yes. Your Agency Agreement or Power of Attorney allows us to act as your representative, it does not make us your “boss”. You can direct us to do only those things you want done. You can revoke these documents any time, unless you become incompetent.

What are JCB’s obligations to me?

As Agent or Power of Attorney, we are a fiduciary, required to act in your best interest, with strict standards of honesty, loyalty and candor. We keep accurate and complete financial records of activities and provide you with periodic accounting statements that include all transactions during the period as well as current asset values.

While acting as your agent we will provide you with comprehensive tax information regarding the assets we hold for you and we can have your tax returns professionally prepared if you like.

Who typically asks JCB to be their Agent or Power of Attorney?

JCB serves as Agent or Power of Attorney for a diverse group of clients. Some engage JCB as Agent strictly for investment purposes. In some cases, after the loss of a spouse who customarily managed finances, a survivor seeks our assistance with these matters. Other clients travel frequently, or simply want to devote their time to other interests and ask us to take care of their day-to-day affairs such as tracking income and paying bills. Many people establish a Power of Attorney on an inactive basis, as a part of their personal planning, in case illness or injury would cause them to need assistance with these matters at some future time.

How do I establish an Agency or Power of Attorney with JCB?

While we provide the documents required to establish an Agency Agreement, we suggest you have an attorney prepare your Power of Attorney document, to insure it is properly executed and meets all legal requirements.

JCB does not offer legal advice. You should consult you attorney regarding your specific situation.

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