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Does sibling with power of attorney have to show accounting for expenses?
Wiki User
∙ 13y ago
The parent should definitely ask for a periodic accounting or if they are incapacitated, the family should ask for a periodic accounting. An attorney-in-fact under a Power of Attorney should keep accurate records of all their expenditures, all the funds coming in and must make certain they do not mingle their own funds with those of the principal. An AIF has sweeping power over all the assets of the principal. Mismanagement could result in the principal losing benefits and entitlements and theft is extremely easy.
The parent should definitely ask for a periodic accounting or if they are incapacitated, the family should ask for a periodic accounting. An attorney-in-fact under a Power of Attorney should keep accurate records of all their expenditures, all the funds coming in and must make certain they do not mingle their own funds with those of the principal. An AIF has sweeping power over all the assets of the principal. Mismanagement could result in the principal losing benefits and entitlements and theft is extremely easy.
The parent should definitely ask for a periodic accounting or if they are incapacitated, the family should ask for a periodic accounting. An attorney-in-fact under a Power of Attorney should keep accurate records of all their expenditures, all the funds coming in and must make certain they do not mingle their own funds with those of the principal. An AIF has sweeping power over all the assets of the principal. Mismanagement could result in the principal losing benefits and entitlements and theft is extremely easy.
The parent should definitely ask for a periodic accounting or if they are incapacitated, the family should ask for a periodic accounting. An attorney-in-fact under a Power of Attorney should keep accurate records of all their expenditures, all the funds coming in and must make certain they do not mingle their own funds with those of the principal. An AIF has sweeping power over all the assets of the principal. Mismanagement could result in the principal losing benefits and entitlements and theft is extremely easy.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoThe parent should definitely ask for a periodic accounting or if they are incapacitated, the family should ask for a periodic accounting. An attorney-in-fact under a Power of Attorney should keep accurate records of all their expenditures, all the funds coming in and must make certain they do not mingle their own funds with those of the principal. An AIF has sweeping power over all the assets of the principal. Mismanagement could result in the principal losing benefits and entitlements and theft is extremely easy.
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Can a Power of Attorney be reimbursed for expenses?
Unless the power of attorney otherwise provides, an agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal.
How do you get a power of attorney for a deceased sibling?
A power of attorney represents a living person. After their death, you would apply to be executor of their estate with the probate court.
What rights do you have as senior sibling on the sale of your mothers house?
There are none unless it's stated in a will, and or the senior sibling has power of attorney.
Does a Power of Attorney receive a stipend for their services?
It is not typical to pay someone to be power of attorney. Arrangements can certainly be made to compensate them for time and expenses.
If a sibling is going for power of attorney of a parent will other children be notified?
Not necessarily. It's not required.
How can one sibling get power of attorney without the other siblings consent?
Apply to the probate court for the power. If the circumstances warrant it, they can grant that power.
What are the other sibling rights to mother's property if one sibling has power of attorney and the other sibling never left home and is over forty years of age?
Power of Attorney is to give the sibling mentioned and acknowledged by the mother to perform their affairs when the mother cannot such as paying bills; investing money, etc., and no one else can take the right away from the Power of Attorney mentioned since the mother requested this person, not even the sibling who is 40 years old and living at home. Once a parent dies the Power of Attorney no longer exists and the Executor (male) or Executrix (female) named will put the Will into Probate which will pay off any debts before the Estate is settled and any property or monies left will be divided as the parent's Will stated.
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 a sibling gets power of attorney and steals your parents money can she be prosecuted?
Yes, theft can be prosecuted. She can also be sued in a civil court.
How does a sibling of the deceased obtain power of attorney?
You cannot acquire a Power of Attorney for a person who has died. If there is property that must be transferred, and no will, you must petition the probate court to be appointed the Administrator of your deceased sibling's estate.
Can you demand to see parent's bank statements if you are not power of attorney?
Of course not! They are confidential records and none of your business. If they have passed on and this is the estate, then a full accounting of the assets have to be filed with the court. If someone else is their power of attorney or guardian, you could petition the court to have them removed.
How do you find out exactly what is being squandered by a sibling who has power of attorney over your mother when you have no access to the accounts?
You had better be able to prove your sibling is squandering your mother's money. If you pretty much know then you are going to have a see a lawyer. Unfortunately, it was a bad idea for your mother to give Power of Attorney because it's pretty binding, but there are laws that come with it, so have it checked out by a lawyer and soon! Good luck Marcy
