When someone has been named as the Power of Attorney over a parent; and the home of the parent is being sold, is the person named as Power of Attorney in charge of the money from the sale?
i.e. one child is the Power of Attorney ~ the parent is still alive, but incapicated (stroke, etc). if the home is sold, are the other children entitled to any of the proceeds from the sale of the home...or does it go to the Power of Attorney because the parent is still alive?
2007-08-25 18:18:27 · 5 answers · asked by 100% ♥Creole♥ 7 in Politics & Government ➔ Law & Ethics
The person holding then power of attorney is not the owner. That person is just an agent acting on behalf of the principal (the parents).
In your particular case, the money or proceeds of the sale belong to the parents. The proceeds should be deposited to the acccount of the parents and should be used for their benefit. The proceeds do not belong to the person holding the Power of Attorney or to any of the other children.
Also, the child who holds the funds under a Power of Attorney MUST NOT COMMINGLE the funds owned by the principal with his own.
2007-08-26 03:24:06 · answer #1 · answered by Mark 7 · 1⤊ 0⤋
if the home is sold , the proceeds are the property of the parent. It must go to paying any debts. The person with the power-of-attorney is authorised to make any transactions required to support the parents.
The other children will only get assets distributed if the parent dies as part of settling the estate.
The power-of-attorney can be contested if it can be shown that the person is misusing funds.
2007-08-26 01:28:24 · answer #2 · answered by mark 6 · 0⤊ 0⤋
Power of attorney varies from state to state. You should contact a local attorney for detailed advise. Generally, if you hold power of attorney, you are stepping into the shoes of the person. If the house is being sold, it is probably to help pay the living expenses of the incapacitated person. The other children don't have the right to proceeds as they don't own the house.
If you believe someone is abusing a power of attorney, you can seek relief in court. Most states allow for the filing of a petition in court to review these transactions.
2007-08-26 01:24:55 · answer #3 · answered by hensleyclaw 5 · 0⤊ 0⤋
The money belongs to the parent (the home owner), although the terms of the power of attorney may place that person in charge of disbursement. I would expect the child to use those funds in support of and for the benefit of the parent solely.
2007-08-26 01:22:47 · answer #4 · answered by Anonymous · 1⤊ 0⤋
not sure, but I would really go see an attorney and get it all straightened out.
2007-08-26 01:23:34 · answer #5 · answered by wuddy12 2 · 0⤊ 0⤋