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Can a Power of Attorney which as full atthority to gift charge

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a fee and is there...
Can a Power of Attorney which as full atthority to gift charge a fee and is there a limit to the amount of gifting?
Submitted: 8 years ago.Category: Legal
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Answered in 18 minutes by:
5/1/2009
Lawyer: Dan, Retired JD replied 8 years ago
Dan
Dan, Retired JD
Category: Legal
Satisfied Customers: 1,164
Experience: Retired attorney, general practice, with an additional background in financial planning,
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Edward:

The power of attorney form will usually have in it a statement as to whether the named agent is to serve with or without compensation.

Courts usually interpret gifting clauses very narrowly, recognizing only the authority to gift specific allowed by the document. So the language of document itself is again is the first place to review. There is so much abuse of that power, with people often trying to benefit themselves or someone close to them, that caution and a very conservative approach are warranted. The general issue is whether the gifting was in the principal's best interest, and/or whether the gifting is something the principal would have done had he or she been able.

If gifting is allowed and not limited, I would be careful that any gifting done is either done for the principal's benefit or is gifting which follows an established pattern of giving by the principal. Gifting should not be to the agent themselves, except in rare situations, as that raises the obvious assumption of unfair self dealing. In other words, the gifting needs to be justifiable from the perspective of the principal.


I hope this has been helpful. Let me know if you have any followup questions. If none, please remember to click on the ACCEPT link so that I may receive credit for working on this topic with you. (I'd greatly appreciate it!)


Thank you,

Dan

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The information provided is general in nature only and shall not be construed as legal advice or to create an attorney-client relationship. You should always consult with a lawyer in your state.

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