Power of Attorney?

Question

If you sign a Power of Attorney document at the request of a family member ..are you then liable for any and all debts should that family member become incapicitated and/no longer have the funds in their bank accounts to pay off any debtors?

Answer 1

A power of attorney is a document that gives a person the right to act for another person in a legal manner.
Say your grandmother, who is collecting a pension, becomes incapacitated and can no longer look after her own affairs. She forgets to pay the bills, and creditors are calling. The decision is...either put her in a home, let her live with you, or, allow her to live in her own home with in-home care. Well, if you choose option 3, then you'd also have to get a power of attorney...that SHE signs, giving YOU the right to choose her care giver, pay her bills, etc. But...You would pay the bills using HER money. You would be liable IF you used her money for YOURSELF, and neglected to pay her bills...
Now, if the family member has no money, and you know that...then thats different.....I'm not sure there. You may want to check with an attorney before signing.

Answer 2

A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other. The person authorizing the other to act is the principal, grantor, or donor (of the power). The one authorized to act is the agent[1] or, in some common law jurisdictions, the attorney-in-fact (attorney for short). Formerly, a power referred to an instrument under seal while a letter was an instrument under hand, but today both are signed by the grantor, and therefore there is no difference between the two.

A power of attorney may be: special (also called limited), general, or temporarily limited. A special power of attorney is one that is limited to a specified act or type of act. A general power of attorney is one that allows the agent to make all personal and business decisbusinedecisbusineions Business.[5][6] A temporarily limited power of attorney is one with a limited time frame.

A power of attorney may be: special (also called limited), general, or temporarily limited. A special power of attorney is one that is limited to a specified act or type of act. A general power of attorney is one that allows the agent to make all personal and business decisbusinedecisbusineions Business.[5][6] A temporarily limited power of attorney is one with a limited time frame.

Springing power of attorney

In some U.S. states and other jurisdictions, it is possible to grant a springing power of attorney; i.e., a power that takes effect only after the incapacity of the grantor or some other definite future act or circumstance.[5] After such incapacitation the power is identical to a durable power, but cannot be invoked before the incapacity. This power may be used to allow a spouse or family member to manage the grantor's affairs in case illness or injury makes the grantor unable to act.[13] If a springing power is used, the grantor should specify exactly how and when the power springs into effect. As the result of privacy legislation in the U.S., medical doctors will often not reveal information relating to capacity of the principal unless the power of attorney specifically authorizes them to do so.

Determining whether the principal is "disabled" enough to initiate this type of representation is a formal process. Springing powers of attorney are not automatic, and institutions may refuse to work with the attorney-in-fact. Disputes are then resolved in court.

Unless the power of attorney has been made irrevocable by its own terms or by some legal principle, the grantor may revoke the power of attorney by telling the attorney-in-fact it is revoked. However, if the principal does not inform third parties and it is reasonable for the third parties to rely upon the power of attorney being in force, the principal might still be bound by the acts of the agent, though the agent may also be liable for such unauthorized acts................Divorce attorney in Rockford IL

Answer 3

You are only liable insofar as that persons money is concerned. Not yours. IE, if a pension is coming monthly, you should arrange monthly payments with the creditors. You are never obliged to pay the debts with your own money.

Also, there are more than one type of Powers of Attorney.

If it is enduring, then it comes into effect at the point it is signed and stays in effect during any mental or physical incapability.

If it is spriniging, it only comes into effect during mental or physical incapability.

If it is neither then it comes into effect on signing and discontinues upon mental or physical incapability.

Answer 4

Absolutely not. The person for whom you hold power of attorney is solely responsible absent proof of some improper action on your behalf, such as commingling funds.

Answer 5

ability of lawyer signifies that the holder of the ability can characterize the guy in criminal concerns, make medical judgements, and different substantial merchandise or movements. even if if the guy is eighteen, the guy with the ability of lawyer can act for the guy, make medical judgements and fiscal concerns.

Answer 6

you are just able to sign for them or make their decisions for them and to pay their bills with their money

Answer 7

http://www.power-of-attorneys.com/power_of_attorney.htm