I have been asked to become someone's power of attorney. They are in the process of selling their home and making a little profit. They are also anticipating a long, drawn out legal battle for something else. If they have no funds available in their account(s), am I responsible to pay their debts, being their power of attorney?
2007-10-30 08:21:24 · 4 answers · asked by guinness126 2 in Business & Finance ➔ Personal Finance
No, you are not responsible for debts in such a situation. Being their power of attorney merely means that you can do assorted legal issues (depending on the scope of the POA agreement).
Check the agreement carefully, to insure that it is drawn up properly.
2007-10-30 08:33:12 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
It depends on the limitations of the power of attorney, but you are not responsible for their debts.
You give someone power of attorney because you yourself may not be able to sign for something personally, like you are disabled or out of the country. They can pay your bills with your funds from your accounts or sell your house for you.
But it sounds like they have an attorney, they should give their attorney power of attorney, unless he is too smart to accept it???
2007-10-30 08:34:37 · answer #2 · answered by Feeling Mutual 7 · 0⤊ 0⤋
Don't quote me on this, but I think that by you being appointed as their "attorney", you are authorized to act on their behalf, but you do not automatically accept responsibility for their debt.
2007-10-30 08:32:15 · answer #3 · answered by mari 4 · 1⤊ 0⤋
no, but consult with a lawyer about the "other" anticipated legal battle.
2007-10-30 08:40:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋