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What agent receives funds on behalf of someone else?
The name of an agent that recieves funds on behalf of someone else to handle financial decisions and act on another persons behalf is commonly known as Power Of Attorney.
Is someone with power of attorney responsible for paying taxes and credit card bills from period of time when the previous power of attorney misused funds had plenty of money and did not pay?
Yes, if the person has full power of attorney and the person who gave it is not able to take care of their personal business.
Can the power of attorney change beneficiaries or IRA's and mutual funds hours before someone dies?
Yes as a rule. It depend if the POA document states that it can be done.
Can a person in the UK with power of attorney use funds or convert property for personal benefit?
I live in Canada, and it should be the same there as it is here. If you have power of attorney over someones funds, you have the authority to do so with those funds as has been given you under that authority, but there are many ways that one can benefit from doing so, but you can't take anything that isn't yours to take from a paticular person or their estate unless it has been agreed to when you entered into the power of attorney!
Is it illegal for the attorney-in-fact under a power of attorney to remove funds from the estate after grandmother's death without the consent of the executors?
Yes. The power of attorney for an attorney in fact is extinguished upon the death of the principal. Therefore, the power of attorney was no longer in effect at all after your grandmother's death. The attorney-in-fact has no authority to remove funds with or without the executor's consent. An AIF who used their authority under a POA after the death of the principal is stealing.
Can anyone take money out your savings account?
No, generally only the account holder or authorized individuals can withdraw money from a savings account. Banks require proper identification and verification to ensure security. However, if someone has access to your account information or has been granted power of attorney, they may be able to withdraw funds. Always safeguard your account details to prevent unauthorized access.
Can someone collect funds from somebody's inheritance that claims to be representing that individual?
No, not unless the individual who is trying to collect the funds has some document that gives them the legal authority to act for the beneficiary. That document is most often a Power of Attorney. However, if the executor has the slightest doubt as to the authority of the person who is trying to collect the funds, she/he should insist on dealing with the beneficiary directly. Distributing funds to the wrong party would create liability on the part of the court appointed executor. You should consult with the attorney who is handling the estate.
Does probate always audit the power of attorney?
To make certain the attorney-in-fact can account for all the funds handled by the attorney-in-fact on behalf of the principal. To make certain there was no abuse of power, self dealing or mishandling of funds. There should always be a detailed record of everything that came in and everything that went out with corresponding receipts. If there is money missing that cannot be accounted for the AIF can be held personally liable.
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.
Husband has died am wandering if it is possable to leave your children money each year?
It is not unheard of, the brokerage firm or bank where you do business may be able to set up the trust for you or you may need to hire an accountant, or attorney to handle the yearly gifts as this person would need a power of attorney to access your bank account or to transfer the funds.
Can a relative get funds from a deceased relative if they have a death certificate?
No, the relative would need to be included in the will, be named as a beneficiary or power of attorney, or be owed money by the estate. The executor of the estate will be in touch if any funds are available.
Can the attorney-in-fact under a Power of Attorney use the principal's funds to defend their actions as AIF when their actions have been challenged?
That depends on the situation. If you are found to have violated your legal obligations as an attorney-in-fact the court will not allow you to use the principal's funds to pay for your legal defense. Before you do it you should consult with the attorney who will represent you.That depends on the situation. If you are found to have violated your legal obligations as an attorney-in-fact the court will not allow you to use the principal's funds to pay for your legal defense. Before you do it you should consult with the attorney who will represent you.That depends on the situation. If you are found to have violated your legal obligations as an attorney-in-fact the court will not allow you to use the principal's funds to pay for your legal defense. Before you do it you should consult with the attorney who will represent you.That depends on the situation. If you are found to have violated your legal obligations as an attorney-in-fact the court will not allow you to use the principal's funds to pay for your legal defense. Before you do it you should consult with the attorney who will represent you.
