What competency is required for someone to act as an attorney-in-fact under a power of attorney?

To act as an attorney-in-fact under a power of attorney, the primary competency required is being competent. This means that the attorney-in-fact must understand their responsibilities and have the mental capacity to manage the affairs of the principal effectively. Competence is crucial to ensure that the attorney-in-fact can make decisions that are in the best interest of the principal, understanding the implications and consequences of those decisions.

While previous legal experience, having a financial background, or being a relative may provide certain advantages or ease of communication in specific situations, they are not necessary qualifications for serving as an attorney-in-fact. What matters most is the ability to act responsibly and with good judgment in line with the wishes of the principal. This underscores the importance of competency as the foundational element in such fiduciary relationships, ensuring that the person chosen can adequately fulfill their obligations.