what is reasonable compensation for power of attorney

Unless your power of attorney form specifically prohibits compensation, agents under a power of attorney are generally entitled to "reasonable" compensation. What is considered reasonable is going to depend on your duties and the area you live in. But it sounds like your duties go far beyond what an agent under a power of attorney would typically be reimbursed for.

Full Answer

Does Someone with power of attorney get paid?

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? ... Is an Agent Under a Power of Attorney ...

What is reasonable compensation for power of attorney?

May 02, 2017 · What is a reasonable compensation for an agent with power of attorney? This is a difficult issue and depends in large part on whose eyes are doing the beholding. First, let’s be clear about terminology. There is a huge difference between “compensation” and “reimbursement.” Reimbursement is more akin to a short-term loan by the agent.

When can a power of attorney be compensated?

Mar 15, 2017 · Generally, an agent is entitled to reasonable compensation, but as AgingCare.com clarifies, “Regardless of how much time and effort has been spent by the POA… the only way she is entitled to financial compensation is if it is written in the original POA document…No one has any right to make decisions to pay a salary to the POA except your mother.”. A durable power …

What can I do with power of attorney?

The Average Salary of Compensation for Power of Attorney. A power of attorney is nothing more than a special kind of legal document that grants someone else the legal authority to act on your behalf. A power of attorney is not a job, a position or a career. Rather, it describes the relationship between two people.

Does a power of attorney get paid?

Attorneys can even make payments to themselves. However, as with all other payments they must be in the best interests of the donor. This can be difficult to determine and may cause a conflict of interests between the interests of an Attorney and the best interests of their donor.

What is the value of power of attorney?

A power of attorney document is an extremely important part of estate planning. It is considered expedient and necessary to have someone else act for you when there is an advancement in the business and commerce transactions.May 25, 2021

What three decisions Cannot be made by a legal power of attorney?

You cannot give an attorney the power to: act in a way or make a decision that you cannot normally do yourself – for example, anything outside the law. consent to a deprivation of liberty being imposed on you, without a court order.

What are the disadvantages of power of attorney?

DisadvantagesYour loved one's competence at the time of writing the power of attorney might be questioned later.Some financial institutions require that the document be written on special forms.Some institutions may refuse to recognize a document after six months to one year.More items...

Question

I served as trustee and POA for a friend who was ill for over 4 years. The estimated assets were approximately $2 million at the time I assumed responsibilities for her 12 registered purebred horses and 4 purebred dogs (she was a breeder of both).

Response

This is a very difficult situation. You deserve to be compensated, but the question is how much. A big part of the problem is that you sit on both sides of the business deal. As trustee and agent under the durable power of attorney, you’re the payor. As the person who did so much work, you’re the payee.

Phillip William Gunthert

If you are indeed the Agent that has been named in the power of attorney you may or may not find this helpful for your circumstances. You cannot get a POA if she is mentally incapable of understanding what she is signing.

Carol Anne Johnson

What you are describing is not the functions of a POA. It sounds more like a Personal Services Contract, which basically will pay you to do the jobs that you have described and can be (and often is) used to reduce the assets of the disabled individual for the purposes of Medicaid qualification.

Joseph Michael Pankowski Jr

Thanks to you for being willing to step up to serve as your step-mother's attorney-in-fact. My concern here is that you are clearly operating without an experienced Florida attorney to advise you.