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Sam
Sam, Attorney at Law
Category: Legal
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Experience:  More than 20 years of experience practicing law.
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May a power of attorney transfer assets of s principal to

Customer Question

May a power of attorney transfer assets of his principal to himself?
Submitted: 11 months ago.
Category: Legal
Expert:  Sam replied 11 months ago.

Hello

This is Samuel and I will discuss this and provide you information in this regard.
Yes. If the POA includes acting as agent for financial purposes and the principal is unable to do it themselves or has given specific instructions to the POA to make such transfer of assets.

Expert:  Sam replied 11 months ago.

Under GA law, the agent is empowered to:

Pay your monthly bills for you

• Gain access to the principal's bank accounts and deposit/redraw money from accounts

• Buy, sell, or lease the principal's home or other property

• Buy, sell, or lease any personal property

• Borrow money or take out loans for the principal

• Prepare and file tax returns and necessary social security or unemployment insurance documentation

• Buy or sell the principal's automobile

• Gain access to the principal's safe deposit box

• Hire, and pay for, a professional for the principal (e.g. a lawyer, doctor, accountant, etc.)

• File any lawsuit on behalf of the principal and defend against any lawsuits filed against the principal

• Buy and/or sell any stocks and bonds

Expert:  Sam replied 10 months ago.

Please let me know, if you have other questions or need clarification. Otherwise, I would appreciate a positive rating as this is how I get credit for my time and information.

Expert:  Sam replied 10 months ago.

Thank you.