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An Attorney-in-fact is a person who holds the power of attorney. He or she is the person who is legally designated to transact business or execute documents on behalf of the principal or grantor. Attorney-in-fact is also referred to as the agent. As an agent, an attorney-in-fact is a fiduciary for the principal. Therefore the law requires an attorney-in-fact to be honest and loyal to the principal in their dealings with each other. There will be a separate contract apart from the power of attorney in cases where the attorney-in-fact is being paid to act for the principal.