What responsibilities does a POA have?
Duties of an Agent Through one or more powers of attorney, the principal can authorize an agent to manage numerous tasks, including entering into contracts, dealing with real and personal property, handling the principal’s financial and tax affairs, and arranging for the principal’s housing and health care.
What happens when a PoA appoints a power of attorney?
I recently came across a case where a POA was asked to incur liability she didn’t have to. Here’s what happened. Once the woman was appointed Power of Attorney for her father, she contacted her dad’s bank. The bank wouldn’t give her information on her father’s loan until she co-signed her father’s mortgage.
Can a durable Poa make you liable for a transaction?
While most general durable POAs protect you from general legal and financial liability, it’s still possible to inadvertently make yourself liable for certain transactions or decisions when acting in the name of the grantor, Learn more about the changes caused by the SECURE Act.
Is the liability of power of attorney greater than you think?
As the title of the post states, Power of Attorney liability is much greater than you think. And what’s more important is that your liability as Power of Attorney emanates from sources you least expect as you’ll see.
What are the risks of a power of attorney agreement?
Creating a limited durable power of attorney agreement is an excellent way to protect everyone involved from potential risk, but there are other precautions you can take to avoid being accused of negligence, fraud, or outright theft. First and foremost, never commingle grantor assets with your personal assets.
I recently came across a case where a POA was asked to incur liability she didn’t have to. Here’s what happened. Once the woman was appointed Power of Attorney for her father, she contacted her dad’s bank. The bank wouldn’t give her information on her father’s loan until she co-signed her father’s mortgage.
As the title of the post states, Power of Attorney liability is much greater than you think. And what’s more important is that your liability as Power of Attorney emanates from sources you least expect as you’ll see.
While most general durable POAs protect you from general legal and financial liability, it’s still possible to inadvertently make yourself liable for certain transactions or decisions when acting in the name of the grantor, Learn more about the changes caused by the SECURE Act.
What are some questions to ask about power of attorney?
If you’re thinking about a POA for someone in your life or for yourself, there are a few questions that you should ask that will help you make the best decision for your circumstances. How Much Power Will the “Attorney-in-Fact” Have?