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RobertJDFL, Lawyer
Category: Family Law
Satisfied Customers: 13748
Experience:  Experienced in multiple areas of the law.
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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: 1 year ago.
Category: Family Law
Expert:  RobertJDFL replied 1 year 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 1 year 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.