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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.
Wiki User
∙ 13y ago
Wiki User
∙ 14y agoIf you agree to act as an attorney-in-fact under a Power of Attorney you are not personally responsible for the principal's debts. A POA enables you to act FOR and on behalf of the principal, that's all.
Wiki User
∙ 18y agoNo, they only are allowed to sign papers and act in place of that person in legal matters.
Wiki User
∙ 11y agoAs long as you identify yourself as the attorney-in-fact whenever you discuss anything or sign anything, you should not be liable for the debts.
Wiki User
∙ 9y agoGenerally speaking, no; only if the person holding power of attorney also signed individually or fraudulently authorized the estate to become indebted.
Wiki User
∙ 14y agoNo. A Power of Attorney gives you the authority to sign on behalf of the principal. It does not create any financial responsibility unless you misuse the power.
Wiki User
∙ 8y agoThey are not personally responsible. They do have to resolve the debts to the limits of the person's assets.
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Are children responsible for their parent's debts when the parent dies even if you are power of attorney?
No
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.
If you have power of attorney am I responsible for existing debt at death?
No. POA's become null and void at the time of the grantor's death. The administrator of the deceased person's estate is responsible for the payment of creditor debts and other matters.
Is a daughter who was power of attorney prior to her father's death responsible to the IRS for his debt when there is no estate?
No. The father's estate is responsible for his debts. If there is no estate the creditor is out of luck.
What to do when your mother passes away and owes a lot of bills and has no estate is the power of attorney then responsible for those bills?
The power of attorney ends with the death of the grantor. Someone will open an estate in order to settle the debts.
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.
You have power of attorney and medical proxy for your father. When he passes will you be responsible for any of his debts in the state of Michigan?
Your father's estate will be responsible for his debts unless you have agreed in writing to be responsible. If his home is mortgaged you will need to pay the mortgage if you want to keep the house. When the time comes you should seek the advice of an attorney who specializes in probate law in your area.
Deceased parents left debts but left no estate are you as daughter with power of atty responsible?
Your power of attorney was extinguished when your last parent died. Unless you were a co-signer on their debts, ordered goods or services for them or benefitted from the amounts due (utility bills if you lived with them, for example) their estates are responsible for their debts. If there is no estate the creditors are out of luck.
Is a daughter who was Power of Attorney proir to her father's death responsible to the IRS for his debt when there is no estate?
No she will not be personally responsible for the debt. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
In Tennessee is a spouse responsible for debts occurred during the marriage?
Yes, in Tennessee a spouse is responsible for debts that occurred during the marriage. An attorney can help you understand the law and what debts are payable by each party.
Both of your parents have passed away and left you executor of estate are you responsible for all their debt left behind?
The estates are responsible for the debts. The attorney who is handling the estate will let you know how the debts will be paid.
