How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RobertJDFL Your Own Question
RobertJDFL
RobertJDFL, Lawyer
Category: Family Law
Satisfied Customers: 12840
Experience:  Experienced in multiple areas of the law.
18284290
Type Your Family Law Question Here...
RobertJDFL is online now
A new question is answered every 9 seconds

As my grandparent's Power of Attorney, what are my financial

Customer Question

As my grandparent's Power of Attorney, what are my financial rights and limitations?
Submitted: 10 months ago.
Category: Family Law
Expert:  RobertJDFL replied 10 months ago.
Thank you for using Just Answer. A person who holds Power of Attorney for someone else has a legal duty to act in the best interests of their Principal (the person who gave the power). This duty can be summed up in a few words: He or she must act in good faith in handling the money and assets of the Principal. This means that the person holding the power (the Attorney-in-Fact) must always intend to serve the Principal's interests, rather than their own personal interests, when they are exercising the Power of Attorney.The Attorney-in-Fact should keep a clear record of what they do with their Principal's assets, because the Principal may demand an accounting at any time. This means that the Attorney-in-Fact must explain in detail what they have done with the Principal's property. If a court is asked to look into the way an Attorney-in-Fact has handled the Principal's affairs, the court will order an accounting, and will expect the Attorney-In-Fact to explain why they took any action which does not seem to have been in the Principal's best interest. It will be up to the court to decide if the Attorney-in-Fact has acted in good faith, or has breached the duty to put the Principal's interests first. If the court finds that the Attorney-in-Fact has acted improperly, the court can order him or her to pay the Principal for any losses. The person with Power of Attorney, or Attorney-in-Fact, is bound by the document which the Principal signed. If the wording of the document does not clearly state whether a certain act is allowed, a court may have to decide the issue. For example, if the Power of Attorney document does not clearly provide that the Attorney-in-Fact will be paid a fee for his or her services, or that the Attorney-In-Fact may make gifts to others, or that the Attorney-in-Fact can take investment risks with the Principal's money, a court may or may not find that these powers are given in the Power of Attorney document. Again, the test of the person holding Power of Attorney will be whether they actually performed their role with the utmost good faith.Your complete satisfaction is my goal. If you need additional information or clarification about my answer, please reply, and I'm happy to assist further. Otherwise, kindly remember to leave a positive rating by clicking on the stars/happy faces (3-5 stars/happy faces) as that is the only way experts such as myself are compensated on this site for our time and expertise, even if you have left a deposit. It doesn't cost you anything extra to leave a rating. Thank you.
Expert:  RobertJDFL replied 10 months ago.
If you have no further questions about this matter, kindly remember to leave positive feedback, as that is the only way experts are compensated for our time. Thank you.

Related Family Law Questions