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Can an attorney in fact under a Power of Attorney manage assets that are jointly owned?
Wiki User
∙ 12y ago
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoYes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
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Is there a liability to being a power of attorney?
Yes. There could be personal liability if you engage in self-dealing, fail to maintain good records, co-mingle funds, convert the principal's assets to your own use or mis-manage the principal's assets.
My spouse has been determined to be incapacitated and has no power of attorney. How do I proceed to manage the household business?
Simply go to court and file a petition for power of attorney stating your wife's incapacity and showing documentation to that effect. Otherwise consult and attorney and he/she can file for you.
Is durable power attorney still in effect after they pass away?
No, a durable power of attorney is no longer in effect once the person who granted it passes away. After the person's death, the authority given to the agent under a durable power of attorney immediately terminates.
Can you be a joint owner on a bank account the beneficiary and the power of attorney on your mother account?
You can have a joint account with your mother. You do not need a Power of Attorney to manage the account because it belongs to you as the co-owner. You do not need to be listed as the beneficiary on the account because it belongs to you as the co-owner.A Power of Attorney would empower you to act on your mother's behalf in all her business and legal matters except writing her will. You should consult with an attorney if your mother is thinking of doing some estate planning. The attorney could review her situation and explain her options.
Is it best to have a power of attorney or just leave it in a will?
A will instructs how your property will be distributed after your death. A Power of Attorney allows you to appoint a person to manage your affairs while you are living. A POA expires upon your death. They are not related nor are they "alternatives" to each other.
How do you get added as a dual power of attorney along with your sister who has current Power of Attorney for our mother?
Your brother cannot be the 'power of attorney' for your mother's estate. A Power of attorney is extinguished upon the death of the principal. If your mother has died then your brother has no more authority over her property. In order to obtain the legal right to manage her estate you must apply to the probate court for appointment as the personal representative of her estate.
Does a wife need a power of attorney for her elderly husband?
No, not unless you executed a POA appointing your wife as your attorney in fact. Marriage does not confer all the rights conferred by a power of attorney. A POA gives your agent widespread authority to act on your behalf in most legal matters excepting your will. Your spouse can manage your joint accounts and jointly owned personal property. However, simply being your spouse does not give the authority to manage your solely owned property nor any interest you have in real property.
Durable power of attorney?
In a matter of speaking, an enduring power of attorney is the power given by someone to a specific person or persons (usually attorneys), to manage their financial affairs. Most of the time, this is done when someone is not capable of handling their day to day situation, but sometimes it is done in the short-term when a person is traveling.
Does the wife have any superior rights over the stepson's power of attorney for her husband?
Typically, a wife would have priority over a stepson regarding decisions and rights concerning her husband's affairs, including power of attorney. However, this can vary based on the specific circumstances, legal documentation, and the husband's intentions. It's important to review any legal documents and seek professional advice in such situations.
Do you have to be notified if your credit limit is lowered?
No because it is your responsibility to keep track and manage your own finances. Unless you gave someone power of attorney over your finances then it is their responsibility to manage and keep track of your finances.
How do you get durable power of attorney if the patient is in a coma?
You cannot get a power of attorney from a patient in a coma. In order for a person to make a power of attorney or any legal agreement, the person must be competent to know the nature of what it is he/she is doing and voluntarily choose to do it. A comatose patient has no awareness of the nature of the agreement and cannot take any action to make the power of attorney effective. At that point only a court appointed guardian or conservator, or other similar type of fiduciary, can take over and manage the affairs of the patient.
How much power does durable power of attorney give?
A durable power of attorney gives the appointed agent broad authority to make financial and legal decisions on behalf of the principal, even if the principal becomes incapacitated. The extent of power given can vary depending on the specific language and provisions in the document, but generally, it allows the agent to manage financial affairs, sign documents, buy or sell property, manage investments, and make healthcare decisions if a separate healthcare power of attorney is included.
