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The Power of Attorney is not personally responsible. If they have mis-managed the funds, they could be held liable to the grantor of the responsibility.
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∙ 10y ago
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Can my POA agent open a joint checking account in your name with himself as a joint owner without your signature?
In Missouri, the POA can not add himself as a joint signer to any accounts in the name of the person he is POA for. POA can not add himself as a beneficiary to any accounts. The POA is acting as an agent for the person he is representing and should only act for their best interest.
Can an individual who grants a POA to an agent execute legal documents after it goes into effect?
Yes.
What is the term for an agent who has very limited authority?
The agent may be serving under a Limited Power of Attorney. The agent would be called the attorney-in-fact under that POA.
Do I have debt responsibility as a POA for my Mother?
personally no. However, as POA you act as your mother's agent and must pay her debts as they become due. If you mismanage her funds, then you may have some responsibility.
How do you change power of attorney if the principal's mind is not too good and the appointed agents are acting against his best interests?
The person who grated the POA is the only person who can revoke it. He can revoke the POA by sending a written notice to the agent notifying them that the POA has been revoked. A copy should be sent to any institution where the POA was used. The person may then appoint a new agent by executing a new POA. If the person who granted the POA isn't capable of revoking it and appointing another agent, then some interested person needs to step up and petition the court of jurisdiction to be appointed guardian or conservator over the person and his property. That needs to be done ASAP. The court will extinguish the old POA and the new guardian or conservator will have the power to handle the affairs of the ward. You should seek the advice of an attorney to discuss your options.
Can you change your power of attorney to a different person?
The most important thing to do is tell the first holder of the POA that there is a new POA, that his/hers is revoked and he/she is to cease acting on your behalf. Tell the first agent to return the original document and any copies together with information regarding financial institutions he/she has been dealing with. Depending on the circumstances, you may demand that first agent give you an accounting of all actions and transactions that have been done. Changing the POA is easy, but yo must make sure that all financial institutions are aware of the change otherwise they may continue to deal with the first agent until they are told of the change. When you make the new POA be sure to specifically state in it that the POA that appointed the first agent is revoked. Describe the revoked POA by date and name of agent. It is a good idea to add that all POAs signed before the date of the new one are revoked. This way you or the new agent can notify the institutions of the change on your own in the event the first agent is not cooperative.
Does a new power of attorney from principal to a new agent automatically void my power of attorney as the agent from the same principal?
The old POA should be revoked. The principal shouldn't have competing POAs in circulation.
Can your POA agent open a joint checking account in your name with himself as a joint owner without your signature?
The ability of a Power of Attorney (POA) agent to open a joint checking account in your name without your signature depends on the specific terms and authority granted in the POA document. Generally, a POA agent can manage financial matters on your behalf, which may include opening accounts. However, it is best to consult with a legal professional or review the specific language in your POA document for clarity and to ensure compliance with applicable laws and regulations.
Can you resign as a power of attorney?
Yes. No person can be forced to be an agent under a POA; it is purely a voluntary action. Once the agent has started to function as the agent; however, the agent may not simply stop if that would harm the principal. The agent would first have to take necessary steps to protect his principal's interests and then he may resign.
What does POA stand for?
Price on application (POA)
Can a POA sue a person even if the person who assigned POA is dead?
No. A POA expires when the principal dies.
Can a POA for someone endorse a check for them and then deposit the check into the POA's account?
cAN A poa NAME THEMSELVES AS A BENEFICARY
