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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.
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∙ 14y ago
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Is a widow responsible for her husband's debt?
The husband's estate is responsible. If she was a co-signer or beneficiary of the debt, she will have some responsibility.
Who is responsible for creating the national debt?
The National Debt is the responsibility of the government. This debt comes from government spending. This spending is acquired from government programs and foreign aid.
Will your late husbands credit card debt come out of your estate?
It shouldn't ! Any debt(s) solely in his name died with him. The only exception - would be if the card(s) were in joint names - in which case, the debt becomes your sole responsibility on his death.
Are you responsible for credit card debt in a divorce if you are noy a joint cardholder?
The debt should have been divided appropriately in the divorce decree. If not, the fact that you are divorced and not on the card should insulate them from responsibility.
If your mother is on SSI and you take care of her in your house and she is maxing her credit cards and will not be able to pay the 20k debt what is going to happen to her and does it affect you?
All Social Security benefits are exempt from any legal action that pertains to creditor debt. Although making charges on accounts when the person knows they are not going to be able to pay is a very bad idea. Unless you are a joint account holder with your mother you bear no responsibility for her use of the cards or for the debt she incurs. What will happen to her is difficult to determine, it is possible that creditors will file a lawsuit to attempt to recover monies owed.
If I signed the hospital admission forms as POA am I responsible for the debt after my mother's death?
No. Your mothers estate would be however There is no estate. She did not own a home or property.
As POA am I resposible for my mothers debts who is still living?
You are not personally responsible. If you have committed fraud or been negligent in handling the funds they could sue. But the debt remains that of the mother.
Who is responsible for debt incurred in nursing facility if the POA changes during the time the debt is being paid on?
The principal is responsible for their own debts. A Power of Attorney doesn't create any obligations in the attorney-in-fact to take personal responsibility for the debts of the principal unless the AIF mishandled funds.
How do you obtain a copy of your brothers poa on mother to see if you have been excluded from medical information?
how do I obtain a copy of my brothers POA on my mother to see if I have been excluded from medical information.
Does signing powers of attorney over to someone else stop creditors?
Executing a Power of Attorney has nothing to do with your debt. A POA grants the attorney-in-fact the authority to act for you on your behalf by performing such tasks as your banking and bill paying, selling your home, managing your property, signing legal documents, etc. Your debt is your own responsibility. You can't assign it to someone else unless they agree to take responsibility for it in writing.
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.
If you become power of attorney for a deceased sibling can you be held responsible for their debt?
No. There seems to be some confusion as a POA becomes null and void upon the death of the grantor. However, the POA grantee is never responsible for the debt of the grantor beyond said grantor's financial assets.
If your father appointed your brother to POA over your mother and your father died is the POA still legal?
In the US: Your father cannot "appoint" anyone as attorney-in-fact under a POA for your mother.That POA would not be legal unless your mother signed it. If she did sign it she can revoke it at any time in writing and deliver a copy to your brother and any facility where it has been used in the past. If she didn't sign it, the POA was only effective for your father and it expired when he died. Only your mother can appoint her own attorney-in-fact, voluntarily. She is an independent adult with her very own legal existence and rights. She can execute a POA and appoint who she chooses.
My Step-father died am i responsible for his debt?
No, you are not responsible for his debt. His estate has that responsibility.
What type of liability so stockholders have when it comes to corporate debt ad responsibility?
what type of liability do stockholders have when it comes to corporate debt and responsibility
How do you regain power of attorney from your mother's sister?
You cannot "regain power of attorney". Your mother must revoke the POA in which she named her sister and send a notice in writing to her sister and any facility where the POA was used or filed. She must then execute a new POA naming you as her attorney-in-fact.If your mother lacks the legal capacity to take the steps outlined above on her own behalf then you must petition the court to be appointed her legal guardian. A legal guardianship would extinguish the POA. If that is the case you should consult with an attorney who can review the situation and help expedite your petition for guardianship.You cannot "regain power of attorney". Your mother must revoke the POA in which she named her sister and send a notice in writing to her sister and any facility where the POA was used or filed. She must then execute a new POA naming you as her attorney-in-fact.If your mother lacks the legal capacity to take the steps outlined above on her own behalf then you must petition the court to be appointed her legal guardian. A legal guardianship would extinguish the POA. If that is the case you should consult with an attorney who can review the situation and help expedite your petition for guardianship.You cannot "regain power of attorney". Your mother must revoke the POA in which she named her sister and send a notice in writing to her sister and any facility where the POA was used or filed. She must then execute a new POA naming you as her attorney-in-fact.If your mother lacks the legal capacity to take the steps outlined above on her own behalf then you must petition the court to be appointed her legal guardian. A legal guardianship would extinguish the POA. If that is the case you should consult with an attorney who can review the situation and help expedite your petition for guardianship.You cannot "regain power of attorney". Your mother must revoke the POA in which she named her sister and send a notice in writing to her sister and any facility where the POA was used or filed. She must then execute a new POA naming you as her attorney-in-fact.If your mother lacks the legal capacity to take the steps outlined above on her own behalf then you must petition the court to be appointed her legal guardian. A legal guardianship would extinguish the POA. If that is the case you should consult with an attorney who can review the situation and help expedite your petition for guardianship.
Who is responsible for marital debt?
Both of the spouses are responsible for the debt. They both benefited from the debt, so they are held responsibility.
