Power of Attorney Rights and Laws
What is power of attorney?A power of attorney (POA) is sometimes referred to as letter of attorney. It is an authorization given by an individual to another individual to represent them in private affairs, business, or some other legal matters. The individual that is giving the power to someone else is referred as the principal, grantor or donor. The individual that is given the power is referred as the agent or attorney, or in some common law jurisdictions, the attorney-in-fact.
My sibling has power of attorney for my parent and they want to sign over my parent’s property to themselves. Between my two siblings they have depleted all my parent’s finances. The will states everything is to be split equally. Can she bypass the will and give them the property just because they are Power Of Attorney?An individual that is given the power of attorney rights is called to perform a fiduciary duty. The power of attorney’s (POA) responsibility is to act in highest good faith for the grantor’s benefit. Signing the property to themself is a breach of this duty and is not what the power of attorney is meant for. If however, the power of attorney document specifically states that the POA can sign the property to themself then it would be legal. This property or sale thereof however cannot benefit the POA it must benefit the grantor of the POA.
My spouse is the durable power of attorney for their parent’s estate. As POA of the trust can my spouse invest in real estate such as flipping houses and rentals to try to make my spouse’s parent’s money potentially last longer?Durable powers of attorneys are typically written up in the broadest sense. In these circumstances she would have the right to act in the highest good faith for the grantor’s benefit. The stipulation would be that there is no conflict of interest and it is in the grantor’s benefit that she carries out the endeavor.
I have full Power of Attorney for my parent. They just died rather unexpectedly. Do I sign my parent’s checks with my own signature and then put Power of Attorney in parenthesis now that they are deceased?The power of attorney that was bestowed to you was only valid while the grantor was alive. Upon the death of a grantor the power of attorney is immediately terminated. Power of attorney is only good during the lifetime of the grantor and being able to act on the grantor’s behalf is no longer effective once they die.
My child has power of attorney over me. How do I rescind the power of attorney?The grantor of the power of attorney can rescind that power of attorney at any time given that the grantor is competent. All the individual will need to do is to send a certified letter to the person that was given the power of attorney and tell them that you have canceled the power of attorney. It is also suggested that the grantor also notify anyone or institution that accepted the power of attorney on your behalf.
Obtaining the right kind of information and understanding regarding power of attorney rights can be an advantage when dealing with questions about power of attorney situations. Experts can help answer questions regarding when the power of attorney privilege will end or even how to rescind power of attorney. Get the answers fast and affordably by asking an Expert.