what is reasonable power of attorney stipend

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. What is reasonable depends largely on the geographic area in which the principal, trustee and agent reside, and the nature of their relationship.

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What is reasonable compensation under a power of attorney?

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?

Do I have to pay a salary to a 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.

What are the duties of a power of attorney?

Mar 21, 2015 · No one has any right to make decisions to pay a salary to the POA except your mother. Jessie and Chicago are right - check the document, If it does not specify that a salary of a certain amount is to be paid to the POA, then, basically, and I hate too say this, the POA is stealing from your mother's estate.

Is a power of attorney entitled to compensation in Pennsylvania?

Under the Substitute Decisions Act, 1992, S.O. 1992, c. 30 (“S.D.A.”), a guardian of property or an attorney under a PoA may take compensation annually, monthly or quarterly in accordance with a prescribed fee scale. Currently, the prescribed fee scale is as follows: 3% on capital and income receipts; 3% on capital and income disbursements; and three fifths (3/5ths) of 1% of the annual …

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

Can a POA write a check to themselves?

Yes — but certain requirements must be met. Banks and financial institutions will require the agent to present specific documents. Can a Power of Attorney Pay Themselves? Yes — but they need authorization in the power of attorney documents.Jun 26, 2019

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...

Who can override a power of attorney?

The Principal can override either type of POA whenever they want. However, other relatives may be concerned that the Agent (in most cases a close family member like a parent, child, sibling, or spouse) is abusing their rights and responsibilities by neglecting or exploiting their loved one.Nov 3, 2019

How do I endorse a check as POA?

If you need to sign a check for her, the usual procedure is to write her name on the top line and then add your name and title underneath, Mr. Rubenstein says. For example, you would write your mother's name on the main line. Underneath it, you would write: "By (insert your own name), as attorney in fact."Oct 3, 2010

Does a power of attorney need to be recorded in Ohio?

A power of attorney for the conveyance, mortgage, or lease of an interest in real property must be recorded in the office of the county recorder of the county in which such property is situated, previous to the recording of a deed, mortgage, or lease by virtue of such power of attorney.

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There is recognition that, with the combination an aging population and extended life expectancy, a power of attorney has become a very powerful estate planning tool. We have actually gone so far as to question whether or not the power of attorney has become the will for the 21st century (see The Brief, Volume II Fall 2010 ).

The Dos and Don'ts for a Power of Attorney

There is recognition that, with the combination an aging population and extended life expectancy, a power of attorney has become a very powerful estate planning tool. We have actually gone so far as to question whether or not the power of attorney has become the will for the 21st century (see The Brief, Volume II Fall 2010 ).

What is Fair Compensation for Your Agent?

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.

How Payments to Family Could Affect Your Eligibility for Medicaid

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.

Charles Edward McWilliams Jr

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.

Dan W. Armstrong

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.

David Michael Goldman

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.