0
What else can I help you with?
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.
Does a person need to be found incompetent for a medical POA to make decisions?
No, a person does not need to be found incompetent for a medical Power of Attorney (POA) to make decisions on their behalf. As long as the individual is competent at the time the POA is activated, the designated agent can make medical decisions according to the terms outlined in the POA document. However, if the individual becomes incompetent, the POA typically remains in effect, allowing the agent to act in the person's best interest.
Can an individual who grants a POA to an agent execute legal documents after it goes into effect?
Yes.
Can a poa change the beneficiary on an account in the bank?
A power of attorney (POA) generally allows an agent to manage financial matters on behalf of the principal, including bank accounts. However, whether a POA can change a beneficiary on an account depends on the bank's policies and the specific language of the POA document. Some banks may restrict this authority, considering beneficiary designations as non-transferable. It’s essential to check with the bank and review the POA to determine the agent's specific powers.
Does poa expired upon death?
Yes, a power of attorney (POA) typically expires upon the death of the principal. When the principal passes away, the authority granted to the agent under the POA is revoked, and the agent can no longer act on behalf of the deceased. After death, matters related to the estate are generally handled according to the will or, if there is no will, by the laws of intestate succession.
What is the term for an agent who has very limited authority?
The agent may be serving under a Limited Power of Attorney. The agent would be called the attorney-in-fact under that POA.
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.
How do you change power of attorney if the principal's mind is not too good and the appointed agents are acting against his best interests?
The person who grated the POA is the only person who can revoke it. He can revoke the POA by sending a written notice to the agent notifying them that the POA has been revoked. A copy should be sent to any institution where the POA was used. The person may then appoint a new agent by executing a new POA. If the person who granted the POA isn't capable of revoking it and appointing another agent, then some interested person needs to step up and petition the court of jurisdiction to be appointed guardian or conservator over the person and his property. That needs to be done ASAP. The court will extinguish the old POA and the new guardian or conservator will have the power to handle the affairs of the ward. You should seek the advice of an attorney to discuss your options.
Can you change your power of attorney to a different person?
The most important thing to do is tell the first holder of the POA that there is a new POA, that his/hers is revoked and he/she is to cease acting on your behalf. Tell the first agent to return the original document and any copies together with information regarding financial institutions he/she has been dealing with. Depending on the circumstances, you may demand that first agent give you an accounting of all actions and transactions that have been done. Changing the POA is easy, but yo must make sure that all financial institutions are aware of the change otherwise they may continue to deal with the first agent until they are told of the change. When you make the new POA be sure to specifically state in it that the POA that appointed the first agent is revoked. Describe the revoked POA by date and name of agent. It is a good idea to add that all POAs signed before the date of the new one are revoked. This way you or the new agent can notify the institutions of the change on your own in the event the first agent is not cooperative.
How do you revoke a POA in FL?
To revoke a Power of Attorney (POA) in Florida, you must create a written revocation document that clearly states your intent to revoke the existing POA. This document should be signed and dated by you, the principal. It's important to notify the agent and any relevant third parties, such as banks or healthcare providers, about the revocation. Additionally, you may want to file the revocation with the same office where the original POA was recorded, if applicable.
Does a new power of attorney from principal to a new agent automatically void my power of attorney as the agent from the same principal?
The old POA should be revoked. The principal shouldn't have competing POAs in circulation.
Can your POA agent open a joint checking account in your name with himself as a joint owner without your signature?
POAs, depending on what type and the terms agreed upon (POA docs must state that you have the ability to perform financial transactions on their behalf), may do things on your behalf, but cannot become a joint owner on a new account. In cases of Springing POAs, (POA agent status only when you become incapacitated) you could have a joint account, but this is only when there is a pre-existing joint account. As a POA agent, you MAY be able to open accounts on behalf of this person, but when he/she passes away or revokes the POA agreement, the account is closed, transferred into their name, and you will no longer have access to the funds. So if you know that this person will be incapacitated for a long period of time, or will pass away, it may be in both of your interests to go to the courts and establish you as the Administrator (still living) or the Executor (passed on) of their estate. This can be court appointed if this person is incapacitated, but usually this is done while the person is still healthy and well. Admins and Execs typically have more priviledges than POA as to what they can do. If you still have more questions, I would suggest contacting a lawyer or you can always go to a college that offers law degrees.. they often have senior students that provide legal advice (with assistance from actual lawyers) for free.
