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Can a Power of Attorney be held liable for a principal's debts?
Wiki User
∙ 13y ago
Under normal circumstances, no. An attorney-in-fact only acts on behalf of the principal and signs for the principal as the principal would act on their own and sign legal documents on their own. The attorney-in-fact has no personal responsibility for the debts of the principal.
Wiki User
∙ 13y ago
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If when made a Power of Attorney and subject matter passes away and has only amassed debts and has no savings who bears the cost for debts and funeral arrangements?
The power of attorney expires on the death of the principal. The estate is responsible for the debts, and they may request a full accounting from the power of attorney.
If you have durable power of attorney are you responsible for the debtors after death?
If the attorney-in-fact is responsible for paying the principal's bills there may be an investigation if there are unexplained unpaid debts remaining after the death of the principal a court can order an accounting and the attorney-in-fact will be required to provide a record of all the money that came into the principal's (living) estate and an account of all the money that went out. An attorney-in-fact who mishandles a principal's assets will be held personally liable for damages and repayment and may face criminal charges. An attorney-in-fact who performs their duties properly is not personally responsible for any debts of the principal unless they agreed so in writing.
Does having power of attorney for someone incarcerated make you financially liable?
You are not personally responsible for any debts or obligations incurred by the incarcerated person. HOWEVER, the POA makes you a 'steward' of that person's property and if you squander or 'waste' it while administering it you could be held liable.
If you have power of attorney are you responsible for debts?
No, unless you have also been appointed guardian or trustee. Power of attorney just means you can execute certain acts for them (such as cashing checks, etc.) Even a legal guardian or trustee of an estate is only responsible for debts incurred by the named individual to the extent of the assets of said individual. They are not personally accountable to repay any debt where they are not a named joint debtor.
How do you sign as a Power of Attorney in VA?
Virginia's court system posts most of their forms online. See below for a link to their forms page. If you don't see the power of attorney form in one of the categories, do a search at the top right of the page.
Are children responsible for their parent's debts when the parent dies even if you are power of attorney?
No
Does the expenses of the home of the deceased get paid before medicaid lien?
You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.
Is a personal representative liable for the decedent's debts when there is no estate?
The personal representative is not responsible for the debts. The estate pays the debts.
Does power of attorney make you responsible for the disabled person's bills?
No. A power of attorney expires upon the death of the principal. The decedent's estate is responsible for paying the debts. A qualified person must petition the probate court to be appointed the estate representative. Once they have been appointed, they will have the power to pay debts.
When a person dies is the remaining daughter responsible for the debt of credit cards?
No. The deceased person's estate is liable for any of the debts of that person, but heirs are not liable for debts if the assets in the estate are not enough to cover the debts.
Can a successor trustee distribute part of the trust funds before all debts are settled?
If you are referring to a testamentary trust the debts of the estate must be paid before the residuary can pass to the trust. You should consult an attorney. If you err you may be personally liable.
Is an incorporated company liable for its business debts?
yes
