when is a fee due to the agent holding a power of attorney

There is no perfect statutory answer in Pennsylvania, but it is clear that a person actively acting as power of attorney is entitled to fair and reasonable compensation for the work they are doing. Most Agents will charge on an hourly basis, but there are occasions where they will charge on a flat fee amount on a monthly basis.

Full Answer

Do you have to pay power of attorney fees?

If they are not paid for any reason (even though that failure or refusal of payment might be challenged), the fee agreement often will provide that the agent is responsible for payment and for seeking reimbursement from the estate. Such a provision might have been in Joyce’s attorney’s fee agreement, but the appellate court did not mention it.

When are funds withheld for attorney or agent fees?

When does a power of attorney take effect?

What can a power of attorney agent do with my money?

When you are unable or unavailable to accomplish certain tasks, such as accessing your bank accounts, you may need an agent to act for you. A power of attorney is the document that gives your agent this authority, and it usually provides for reimbursement for reasonable expenses. State laws vary on the types of expenses for which an agent can be reimbursed, but you often …

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What is a power of attorney?

A power of attorney is the document that gives your agent this authority, and it usually provides for reimbursement for reasonable expenses. State laws vary on the types of expenses for which an agent can be ...

Can you revoke a power of attorney?

If you suspect that your agent is abusing his authority by charging too much, thereby violating his fiduciary responsibility as agent, you can revoke the agent's power. If you suspect someone else’s agent is abusing a power of attorney, you may be able to challenge that agent through a court action, particularly if the principal involved is not ...

What is out of pocket expenses?

Out-of-Pocket Expenses. Agents are generally allowed to charge the person on whose behalf they are acting – called the principal – for out-of-pocket expenses they incur while working for the principal. For example, if an agent needs to order new checks for your bank account, this expense would be reimbursable.

What can a guardian do?

The guardian can monitor the agent’s actions and make decisions for the principal. If the agent has violated any criminal laws, such as through fraud or embezzlement, you can report those crimes to legal authorities. Heather Frances has been writing professionally since 2005.

What is a power of attorney?

Powers of attorney are key estate planning documents. In the unfortunate event that you become unable to care for yourself, it is crucial that you grant a trusted party the authority to effectively make legal, financial, and medical decisions on your behalf. Through two key estate planning documents — the durable power of attorney and ...

Can a convicted felon have a power of attorney in Texas?

Can a Convicted Felon Have Power of Attorney? Yes. Texas law does not prevent a convicted felon from having a power of attorney. A mentally competent person has the authority to select who they want to serve as their power of attorney.

Can you have multiple power of attorney?

Yes. You have the legal right to appoint multiple people as your power of attorney. You could even split your durable power of attorney and your medical power of attorney. The legal documents should state whether each agent has full, independent power or if they have to act jointly.

Can a durable power of attorney make medical decisions?

Can a Durable Power of Attorney Make Medical Decisions? No. A durable power of attorney is generally for legal decision making and financial decision making. To allow a trusted person to make health care decisions, grant them medical power of attorney.

What is a power of attorney?

A power of attorney is a written authorization by which a person, or principal, authorizes another person, the agent, to act on her behalf. A financial power of attorney allows the agent to manage the principal's financial affairs, such as bank accounts, investments, bill payment and business affairs, as designated in the power of attorney.

What is a financial power of attorney?

A financial power of attorney allows the agent to manage the principal's financial affairs, such as bank accounts, investments, bill payment and business affairs, as designated in the power of attorney. The power of attorney creates a strict fiduciary duty to manage the principal's funds appropriately, including engaging in careful bookkeeping ...

When does a power of attorney take effect?

The power of attorney may take effect immediately upon signing by the principal or contain provisions making it a "springing" power of attorney, in which the power of attorney does not become effective until a specified date or until certain future events occur.

Can you refuse a power of attorney appointment?

Appointment under a power of attorney is voluntary and you may refuse the appointment . The principal may terminate the power of attorney at any time. Depending on the terms of the power of attorney document, the agent may be compensated for his time and out-of-pocket expenses; these should be carefully documented and must be reasonable and appropriate for the work performed.

Can a power of attorney be terminated?

The principal may terminate the power of attorney at any time. Depending on the terms of the power of attorney document, the agent may be compensated for his time and out-of-pocket expenses; these should be carefully documented and must be reasonable and appropriate for the work performed. Steven R. Anderson, P.A.:

What happens if an agent does not fulfill his duty?

If the agent did not fulfill his duty to properly manage the principal's financial affairs, he may be found liable and required to compensate the principal, or principal's heirs, out of his own pocket. The principal, her spouse or guardian, heirs, beneficiaries or government agency charged with protecting her welfare, may petition a court to review your actions as agent and seek compensation for your failure to appropriately carry out your fiduciary duties. The principal, or reviewing court, may demand an accounting at any time.

Who is Cindy Hill?

A freelance writer since 1978 and attorney since 1981, Cindy Hill has won awards for articles on organic agriculture and wild foods, and has published widely in the areas of law, public policy, local foods and gardening.

Can an attorney in fact receive compensation?

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.

What can an agent do?

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.

What is an attorney in fact?

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 ...