What are an Agents obligations to a Principal?
The Agent is obligated to act in the best interests of the Principal. An Agent is a fiduciary, with strict standards of honesty and loyalty to the Principal. An Agent must safeguard the Principal’s property, and keep it separate from the Agent’s personal property. Money should be kept in a separate bank account for the benefit of the Principal, and Agents must also keep accurate financial records of their activities, and provide complete and periodic accountings for all money and property coming into their possession. Instruct your Agent to provide accurate records of all transactions completed for you, and to give you periodic accountings. You can also direct your Agent to provide an accounting to a third party – a member of your family or trusted friend–in the event you are unable to review the accounting yourself.
