What is Reasonable Compensation for an Agent Under a Power of Attorney? March 3rd, 2017 Q. What is a reasonable amount of reimbursement for me as an agent under a power of attorney who is paying bills, picking up prescriptions, and going on doctor visits and trips to buy groceries for my elderly mother? ...
Oct 31, 2020 · 1 What is reasonable compensation for an agent under a power of attorney? 2 Can a power of attorney claim a fee? 3 Is the power of attorney taking a monthly salary? 4 What is a power of attorney for personal care? 5 Can a power of attorney take a salary? 6 Who are the beneficiaries of a power of attorney? 7 Do you have to pay a fee for a PoA?
Jul 25, 2017 · All of the following factors shall be considered in determining reasonableness of compensation: The degree of difficulty and novelty of the tasks required of the Trustee. The responsibilities and risks involved. The amount and character of the Trust assets. The skill, experience, expertise, and facilities of the Trustee.
The title "attorney-in-fact," "agent," or "power of attorney" only means the person can act on your behalf; it does not convey any legal authority to practice law. Advertisement Payments Whether an attorney-in-fact receives compensation is entirely up to the principal. If, for example, you grant your child health care power of attorney in case ...
Whether an attorney-in-fact receives compensation is entirely up to the principal. If, for example, you grant your child health care power of attorney in case you get ill and want someone to interact with your physicians for you, no payments or salary are usually involved. On the other hand, if you appoint your attorney to look after your affairs by granting her power of attorney over your finances, the attorney probably won't do so unless you pay her a salary.
An agent can do anything the principal allows her today, such as conduct business with the principal's bank, buy property in the principal's name or make health care decisions when the principal is unable to do so. Advertisement.
The attorney-in-fact's powers are determined by the type of power of attorney you grant, and can be very broad or very limited. Once you grant person power of attorney, that person becomes your attorney-in-fact, but that does not mean the person is a lawyer. The title "attorney-in-fact," "agent," or "power of attorney" only means ...
As a general rule, it's best to provide for compensation in the document creating the trust or agency relationship. Michigan law provides that a trustee or an agent is entitled to "reasonable compensation" if provided for in the trust or power of attorney documents.
You might not need Medicaid now. But if you ever need care in a nursing home, you probably will. Nursing home care is very costly, in some cases $100,000 per year or more. Few families can bear such an expense for long without help.
Please note I am a Virginia attorney, but that said, this is the same problem we hit upon in my area on a regular basis. Fiduciary compensation is a gray area because in most states the law only requires that the compensation be reasonable.
An attorney in fact (“AIF”) is a fiduciary who must observe the standards of care applicable to trustees as described in statue 737.302 and 709. They require observing the prudent investor rule as defined in statue 518.
A POA has no authority after the death of your mom. The PR - if appointed by the state would be entitled to a fee if the will provides or the court provided for one.
In general, the process begins soon after the person dies by filing an application with the appropriate court. If there is a will, the court determines if it is valid and appoints an executor to gather the assets of the estate, pay the bills and distribute the estate to the beneficiaries. If there is no will, the court appoints an administrator to perform similar functions except that this person also must determine the proper heirs.
A power of attorney is a legal document that authorizes another person to handle your affairs on your behalf. This person is called your agent or attorney-in-fact. A general power of attorney is broad and provides extensive powers to your agent including the power to act in financial and legal matters. A special power of attorney allows you ...
All powers of attorney, however, expire when the person who signed it dies; the agent loses authority at that point.
Since all powers of attorney end when the person granting the powers dies, your agent does not have authority to pay bills after your death. However, this type of situation can occur in the confusion of dealing with a loved one's death, especially if your agent is also your spouse or close relative. And, since a bank is not required to accept a check written by your agent after your death, the situation will probably be limited to the first day or two after death. On occasion, however, an agent might try to commit fraud on the estate by writing checks to himself or to false creditors.
If there is no will, the court appoints an administrator to perform similar functions except that this person also must determine the proper heirs.
Typically, the executor opens a new account in the name of the estate, transfers money from your personal accounts into it and writes checks to pay bills and taxes owed by the estate. Later, he prepares an accounting of the value of the assets and the amounts he paid to creditors and taxing agencies. If your agent pays bills from your personal ...