how many people can have power of attorney for a parent

Full Answer

Can a parent give a power of attorney to one person?

You and your parents must be careful to select the right people for this responsibility and to limit their powers appropriately. For example, your parents might grant one individual the power to make all their financial decisions through a general power of attorney, or just certain decisions, through a specific power of attorney.

How many people can I appoint as power of attorney?

This field is required. You can appoint as many people as you wish. It is recommended to appoint one as power of attorney and one as alternate in case the power of attorney can not fulfill their duty.

Is there a template for a power of attorney for parents?

This ensures your parent’s wishes are known and will be respected. Although you can find POA templates on the internet, they are generic forms that may not stand up to legal scrutiny and probably won’t have all the clauses you require. Execute the Agreement: Sign and notarize the document.

Can a principal name two people as power of attorney?

The principal can name two people as agents, called joint power of attorney. It is imperative, however, that a principal does not make this decision simply to appease relatives. The decision should be the principal’s, and should be made because the principal believes it is the best decision for her care.

What is a POA?

The POA is your mother's and with that , the role of "agent" or "person (s) who hold (s) the Power" is given by your mom. It is actually a VERY common misconception that you can just do a POA for someone who is in need of care when in fact, only the person that you want to help can sign the POA giving you the right...

Can siblings be joint agents?

It is unclear to me whether your siblings are "joint agents" under the power of attorney, or if you are saying that each has a separate power of attorney for your relative. The latter can be very confusing.#N#Presumably, there is a reason you have not been given this responsibility, either...

What is financial power of attorney?

Having financial power of attorney means having the authority to access and manage another person's monetary and/or property assets. As an agent with financial POA, you have the right to make certain kinds of financial decisions on behalf of the principal (as long as they are in his or her best interests). For example, your parent might give you the authority to pay bills, file taxes, make and manage investments, transfer money between different bank accounts, handle insurance claims, collect outstanding debts, sell or rent out property, or deal with retirement pensions and government benefit programs.

What is the duty of a power of attorney agent?

The duty of a power of attorney agent is to always act in the best interests of the principal.

What is the difference between a durable POA and a general POA?

Essentially, the difference between a "general power of attorney" and a "durable power of attorney" is that a general POA terminates when the principal is deemed to lack capacity, whereas a durable POA stays valid beyond that point.

What is POA agreement?

Depending on the particular agreement, a power of attorney covers a broad or narrow set of responsibilities, usually related to financial and/or medical and caregiving matters.

What happens to a POA when a parent is incapacitated?

So your parent may use it to grant you a comprehensive set of powers to help out while he or she is away from home for extended periods of time or needs your assistance due to other reasons, such as physical illness or disability.

What is POA in law?

A POA document is generally a written agreement between two people: (1) the principal (sometimes called the grantor) and (2) the agent (sometimes called the attorney-in-fact). The agent is the person appointed to act on behalf of the principal. So your parent (the principal) can grant you (the agent) certain powers of attorney.

When does a springing POA take effect?

Unlike most other types of POA documents, a springing POA agreement doesn't take effect until a specified date or a particular event takes place. For example, your parent may not want you to have any authority until he or she becomes incapacitated or turns a certain age.

Question

Can you have a shared power of attorney? My aunt named her son as agent and he misused funds. Then she appointed her nephew and he let her credit rating slip because he did not pay bills in a timely fashion.

Answer

When you make or change a durable power of attorney for finances, you are allowed to name more than one agent (or "attorney-in-fact," as this person is known in some states). If your aunt wants to name both niece and nephew, she may do so, but she will have to decide how they should carry out their duties.