what are my duties a power of attorney

What are your duties as power of attorney?

• Act on the person’s behalf. A person has asked you to act as an agent in their financial matters. ...
• Make a list of their assets and liabilities. In some cases, the principal made understanding your duties easy for you by...
• Protect the assets of the principal. This means making sure their home is secure. You might check...

Full Answer

What powers does a power of attorney?

Jul 31, 2021 · What are your duties as power of attorney? Act on the person’s behalf. A person has asked you to act as an agent in their financial matters. ... Make a list of their assets and liabilities. In some cases, the principal made understanding your duties easy for you by... Protect the assets of the ...

What is the role of a power of attorney?

Q. What duties does the Attorney undertake? A. The Attorney must always act diligently and in good faith for the person’s benefit. Depending on the terms set out in the Power of Attorney documents, the Attorney can act when it would be to the …

How responsible is the power of attorney?

Oct 11, 2021 · Some of the responsibilities and transactions you may execute on as power of attorney include: Property (real or personal) Investments and banking transactions Operations and dealings of an unincorporated business LLC ownership or voting business stock Interests and transactions for beneficiaries related to trusts and estates

What is the point of a power of attorney?

Power of attorney for HealtH Care 1. Record all decisions regarding health care, safety and shelter made on behalf of the donor 2. Retain copies of medical reports or other documents related to each decision 3. Record the names of persons consulted on each decision 4. Document the donor’s wishes (if expressed) related to each decision 5.

Make a list of their assets and liabilities

In some cases, the principal made understanding your duties easy for you by listing them when they knew there would be a need for power of attorney. You will be responsible for the following:

Protect the assets of the principal

This means making sure their home is secure. You might check pipes for freezing, leaks, and other conditions. A neighbor might be of help in this because they know the weather conditions. If the principal is incapacitated for a long time, cancel the phone and newspaper accounts.

Pay necessary bills

If you have suspended a credit card, make sure that you are still paying the bills. The card may be the way the principal was paying them automatically.

Keep excellent records

Track all expenses made on behalf of the principal. It will show that you have upheld your duties, and it may be important to receiving payment for the time you spent acting as the power of attorney.

Duties and Responsibilities

The Power of Attorney Act specifies exactly the duties that an attorney is agreeing to when signing the agreement. According to s.19, the underlying principles and philosophies an attorney must adhere to are to:

Rights and Powers

While the attorney is able to make any financial or legal decisions that arise (barring restrictions in the agreement), there are some cases where the attorney can act proactively or completely at their own discretion. An example could be electing to give gifts or loans on the person’s behalf.

What is a power of attorney?

A Power of Attorney is a written document by which an individual (the grantor) appoints someone (the Attorney) to act on their behalf concerning financial and/or personal care matters.

What can a professional do for a grantor?

A professional can work with you to ensure that the grantor’s investments are managed with the degree of care, skill and diligence required. They can: Assist you with customized asset allocation appropriate to the circumstances Work with you to develop a viable investment policy statement Keep accounts of all transactions

Do grantors know the duties of an attorney?

Grantors are sometimes not aware of the extensive duties involved for the Attorney. On the other hand, Attorneys can be surprised by the extent of what they must undertake . In some cases, they have accepted not anticipating that the Power would ever be activated.

Power of Attorney: A Brief Overview

The two primary types of power of attorney are financial power of attorney and medical power of attorney. While the financial power of attorney’s role concerns legal and financial affairs, the medical power of attorney handles health and medical decisions. For the purposes of this article, we’ll focus on financial power of attorney.

Eye-Opening Life Considerations for a Power of Attorney

Becoming a power of attorney sheds light on the many responsibilities someone may need to take on for you one day. If you haven’t already, consider who you may want to name as your own power of attorney in case you become ill or incapacitated in the future.

Power of Attorney Limitations

There are specific limitations for a power of attorney; you aren’t all-powerful even when you’re granted that role. Power of attorney is useful for making sure your loved ones are protected, but there are certain things you don’t have the authority to do. For example, you can’t:

Need More Information?

If you want to know more about your role as a power of attorney, take a look at 24 Hours as Power of Attorney Holder. This article will take you through what a day in your life might look like, now that you’ve been appointed as power of attorney. Click here to read more.

What does POA mean in a power of attorney?

The POA gave you the authority to act on his behalf in a number of financial situations, such as buying or selling a property for him or maybe just paying his bills.

Who can deal with a POA?

His estate owns it, so only the executor or the administrator of his estate can deal with it during the probate process. 1 .

Can you pay bills after a deceased person dies?

You might think that you should continue paying those bills and settling his accounts after his death, but you should not and you can' t—at least not unless you've also been named as the executor of his estate in his will, or the court appoints as administrator of his estate if he didn't leave a will.

Can someone take care of his affairs after his death?

Someone is still going to have to take care of his affairs after his death, but it won't necessarily be the agent appointed in a power of attorney during his lifetime.

Can you get a power of attorney after death?

You can't get a power of attorney to act for someone after he's died, and an existing power of attorney becomes invalid upon the death of the principal—the individual who gave you the right to take certain actions on his behalf. 1 . Someone is still going to have to take care of his affairs after his death, but it won't necessarily be ...

Can a power of attorney act on a deceased person's estate?

In either case, with or without a will, the proba te court will grant the authority to act on a deceased person's estate to an individual who might or might not also be the agent under the power of attorney. The two roles are divided by the event of the death. In some cases, however, the agent in the POA might also be named as executor ...

What are the duties of a power of attorney in Pennsylvania?

Pennsylvania law requires that, unless the power of attorney document specifically varies these duties, you must: 1. Exercise the powers for the benefit of the Principal; 2. Keep the assets of the Principal separate from your own; 3. Exercise reasonable caution and prudence; 4.

What is the person acting on behalf of the principal called?

The person who is acting on behalf of the Principal is called the “Agent” or “Attorney in Fact ” (that’s you). As Agent you are acting as a “fiduciary.”. A fiduciary is a person who has the responsibility for managing the money and property owned by another. The term fiduciary comes from the Latin word fiducia, meaning “trust.”.

What is the job of a fiduciary in Pennsylvania?

As a fiduciary you have the highest legal responsibility to be faithful to the interests of your Principal . Your job is to act to protect and safeguard and benefit your Principal. You may not put your personal interests ahead of your duties to the Principal. Pennsylvania law requires that, unless the power of attorney document specifically varies ...

What are the rules for serving as a power of attorney?

Here are some rules you should follow to keep out of trouble. 1. You must act prudently and reasonably in all actions you take in your role as Agent. 2.

What to do if you are not given authority to take a particular action?

You must respect the terms of the document. If you are not given authority to undertake a particular action, you should assume that you cannot take that action. If you identify any ambiguities in the document or if you are uncertain, you should consult with an experienced lawyer.

What does it mean to sign a document on behalf of the principal?

If you execute any documents on behalf of the Principal, you should specifically indicate that you are acting as the “Agent” for the Principal, and not on your own behalf. For example, you can sign “Howard Jones, as Agent for Rachel Wilson” or “Howard Jones, POA for Rachel Wilson.”.

What to do if a principal is incapacitated?

Even if there has been a determination that the Principal is incapacitated, make your best efforts to talk with the Principal about the actions you are taking. You may also need to talk with the Principal’s family members, physician, professional advisors, and other interested persons on the Principal’s behalf.