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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.
Is a POA deemed liable?
The Power of Attorney has a fiduciary duty to the grantor. If they mismanage funds or make poor decisions they can be held liable.
If an executor finds that money was removed from the deceased bank account just prior to death by a relative can you request return of money and if so can you forgive any portion that is unretrievable?
An executor has no legal authority before a person death, nor can such authority be retroactive. If someone held a POA, that person might be able to recover funds that were taken from the account depending upon the circumstances. If the funds were withdrawn without permission of the account holder and signature(s) were forged or a debit card used criminal charges could be forthcoming if a complaint is filed by the deceased's surviving family members.
How do you cancel credit cards for someone who's had a stroke?
AnswerYou may be able to obtain 'Power of Attorney' if the cardholder is incapacitated. If this is not the case, the cardholder will have to contact the creditors to have the account closed. If there is a balance on the account, it is best to keep the account open until the balance is paid in full. I had a very hard time canceling my mothers credit card after she had a debilitating stroke. She is 91. I was told I needed to send a POA, which I did. The first time they gave me a wrong address so I had to send the POA twice. Then they told me that a POA does not have authority to cancel an account. I was livid. After having been put through having to send the POA twice. They also told me that they needed to either have a signature or talk to the account holder, neither of which was possible. They then went as far as to say they needed a fingerprint.Understand here that this is an account that never had a balance, was paid in full monthly and has not had a charge or balance in 9 months. I asked to talk to a supervisor who basically told me the same thing. I asked what if it was your mother. Her response was I gave you the choices.I am not one to give up so I waited until the evening and called again knowing I would get someone else. I again explained who I was and that I had sent a power of attorney, that the card had no balance etc. To my great surprise the woman on the other end said I can cancel that for you and in about 30 seconds it was canceled.The moral of this story is CALL CALL CALL at different times. You will always get different people. The bottom line is a POA, although a legal document, does not have to be honored. No organization is obligated to honor it. Most do, but you will always run into snags. It is not easy being a POA or executor but if you hold your ground and be persistent you will often succeed. Sometimes it is the stupidest things, like closing a meaningless credit card account that is not in use, that get you. You can transfer hundreds of thousands of dollars around but you can't close a no balance unused credit card account.
What if i am listed as POA on parents' reverse mortgage?
POA won't have any personal implications for you as the only recourse on a reverse mortgage is against the property, not against any borrowers or heirs. All the POA will do is enable you to communicate with the lender on your parents behalf.
Can a POA pass the grantor's checks through the POA's own account?
No, a power of attorney (POA) cannot use the grantor's checks through the POA's own account. A POA is obligated to act in the best interest and welfare of the grantor, and using the grantor's checks for personal gain would be a breach of fiduciary duty. The POA should only use the grantor's assets for the grantor's benefit and within the bounds of the law.
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
What forms do you need if you are poa on your mothers account?
You do not need anything other than your power of attorney form. If you will be using your mother's account to make transactions on her behalf you will sign your name on the check and below the line write 'Acting as POA'.
If you are poa for your mother and she dies can you get money from her bank account to help with funeral cost?
Strictly speaking , no, you can't. By law, the POA that gave you authority to handle your mother's accounts became ineffective immediately upon her death. Using the POA after the death of the person who issued it is illegal.
What if you have a POA acct for your mother what if you die who can transact the account?
First, the account should be in your mother's name since the funds are her property. A POA allows you to act on behalf of your mother and sign any legal documents in her place. You shouldn't place any of her assets in your name. To act as an attorney-in-fact you present the POA to the bank for their records and then you can act for your mother as manager of her account. Remember the account should be in her name.If she wants you to have the account upon her death then the account should be a joint account in both your names. In that case if she dies the account will belong to you. For a joint account you don't need a POA because as a joint owner you would have full power to manage the account on your own. However, the account will be vulnerable to your creditors.If everything is set up properly and you haven't converted any of your mother's property to your name your mother only needs to appoint a new attorney in fact under a new POA. Her account shouldn't be in your name because that arrangement will cause your mother's money to become part of your estate and it will be inaccessible to her until your account can be closed by a court order.If you are concerned, your mother can name a successor attorney-in-fact within the same POA document that appoints you as the AIF. The POA can state the successor will only have power in case of your death.You should discuss this matter with an attorney who can review your situation, your mother's wishes and explain your options.
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.
Can a power of attorney write checks to themselves?
The permission to write checks on an account depends on whether the power of attorney (PoA) is general or limited. The general PoA allows the holder to do practically anything the grantor can legally do. A limited PoA would have to stipulate that writing checks on the grantor's account is permitted. If the PoA allows it, and writing a check to yourself is not prohibited by the bank policy, the answer is YES.
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 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.
When there is a joint account and two attorneys-in-fact under a POA with only one listed as the joint account owner who has authority to make transactions?
A joint account passes to the surviving account owner if the co-owner has died.If a person who has executed a POA is a joint owner of an account, their attorney-in-fact can access that account, or any account, on behalf of the principal while the principal is living unless the principal excluded authority over that account from the POA. Any attorney-in-fact stands in for the principal in such matters as banking when the principal has requested that they do so.A co-owner has free access to any joint accounts they own.
Is a POA deemed liable?
The Power of Attorney has a fiduciary duty to the grantor. If they mismanage funds or make poor decisions they can be held liable.
You had poa your uncle died 2days ago funeral not completely paid for can you still use funds to cover expenses?
If you had complete POA to disburse your uncle's funds, then you will have to pay for the funeral expenses. Just make sure that you keep GOOD RECORDS of all bills and payments. Get receipts for EVERYTHING, and carefully keep them until the estate is probated.
