what are my responsibilities as power of attorney

The most common power of attorney types are:

Type of Power of Attorney	Details
General POA	A general POA allows the agent to act in ...
Durable POA	In most states, a POA is considered dura ...
Limited POA	An attorney-in-fact who signed a limited ...
Springing POA	A springing POA comes into effect when o ...

Mar 14 2022

Full Answer

Why should I appoint a power of attorney?

Sep 22, 2021 · According to s.19, the underlying principles and philosophies an attorney must adhere to are to: Act honestly and in good faith, Exercise the care, diligence and skill of a reasonably prudent person, Act within the authority given in the enduring power of attorney and under any enactment, and Keep ...

What is a power of attorney responsible for?

Jul 31, 2021 · They may include the following. Act on the person’s behalf A person has asked you to act as an agent in their financial matters. You may need to: • Pay the principal’s bills • Access their accounts • Pay their taxes • Buy and sell investments or real estate Make a list of their assets and liabilities

Why should I have a power of attorney?

5 rows · Power of Attorney Duties—The Basics. A power of attorney is a legal document that grants one ...

Should a power of attorney be responsible for?

Q. What is the difference between a Power of Attorney for Property and Power of Attorney for Personal Care? A. There are two separate documents reflecting different responsibilities: A Power of Attorney for Property allows your Attorney to deal with all financial matters concerning your assets. A Power of Attorney for Personal Care allows your Attorney to deal with all your …

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.

What is a power of attorney?

A power of attorney is a legal document that grants one person (the agent) powers to act in another person’s (the principal’s) stead. The type of responsibilities an agent has depends on whether they signed a financial or medical power of attorney. Solve My Problem.

What is a POA?

A general POA allows the agent to act in the principal’s name on all matters as long as the state laws allow for it. The agreement ends automatically in case the principal becomes mentally incapable of making decisions for themselves. Durable POA. In most states, a POA is considered durable unless stated otherwise.

What is the duty of an agent?

According to the law in most states, an agent has a fiduciary duty to the principal. This means that the attorney-in-fact has to: Act solely in the principal’s best interest. Maintain accurate records and history of all principal’s financial transactions.

Is a POA durable?

In most states, a POA is considered durable unless stated otherwise. The responsibilities that an agent has must be clearly specified in the document. The agreement stays in effect even after the principal becomes physically or mentally incapacitated. Limited POA.

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

What is a Financial Power of Attorney?

A Financial Power of Attorney is the part of your Estate Plan that allows you to grant authority to someone you trust to handle your financial matters. Your Financial POA (also known as an Attorney-in-Fact) can step in when and if you’re ever unable to make financial decisions on your own due to incapacitation, death or absence.

What is a Durable Financial Power of Attorney?

A Durable Financial Power of Attorney is just the term used that denotes someone can act even after you become incapacitated and can’t express your will or make decisions. It’s not uncommon to wonder what powers does a Durable Power of Attorney have - and we’ll cover that in a bit.

How to Choose a Financial Power of Attorney

Choosing your Financial POA can be a bit daunting, but you want to take the time to make sure you’re confident with your decision and that you trust the person you name. In the long run, it will be well worth the time you’ll spend deciding.

Why do I Need a Financial Power of Attorney?

A Financial Power of Attorney is a component of your Estate Plan that ensures financial matters in your estate and are handled appropriately and responsibly. Knowing that your financial responsibilities, investments, retirement, bills and everything else in your financial world is in good hands can be a great source of comfort.

What happens if you ask someone to act as your attorney?

If someone has asked you to act as their attorney under an Enduring Power of Attorney, they have placed a great deal of trust in you. They have asked you to stand in their shoes, and make decisions about their life when they are no longer able to.

What powers does the public guardian have?

The Public Guardian has powers to investigate complaints if an attorney is acting inappropriately, and to suspend a power of attorney. More information on the investigations process can be found on our

What is the right to be respected for impaired capacity?

This means that whenever you make a decision you must always take into account their views and wishes . (The exception to this is where it is necessary to go against an adult’s wishes to keep them safe and ensure their care needs are met). Their views and wishes may be explained in the document, and where possible you should speak with the adult to seek their views. If this isn’t an option due to the nature of their impaired capacity, you should look at the past decisions they made when they did have capacity to help guide you, as well as regularly communicate with the people in their life to get a better picture of their views and wishes.

What is conflict transaction?

Conflict transactions are transactions that may seem to have benefit to yourself as the attorney, or to your family members or friends. For example, a conflict can be selling the adult’s house to one of your relatives. So as an attorney you must not enter into a transaction that may (or even appear to) benefit you personally or financially, unless specifically allowed in the Enduring Power of Attorney document.