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Aug 6th, 2022

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How to Manage Power Of Attorney

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[Music] welcome to our facebook live audience so happy youre joining me today so what were doing today is we are talking about the 10 power of attorney mistakes and how you can avoid them so im so glad you joined me today my name is lynn st louis and i am an estate planning and elder law attorney at elgs day planning so lets go ahead and get started one more thing i want to mention please put your questions in the chat if thats if youre joining us uh on the webinar if youre on facebook put them in the chat there and colleen will make sure that i see them so i will try to answer all your questions today also stick with me to the end of the discussion today and we will send to you a free gift well talk about that further okay lets go ahead and get started so before we can talk about the mistakes of a power of attorney i want to make sure you have a good understanding of what is a power of attorney so when we say power of attorney were talking usually about a legal document and

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What does power of attorney give you authority over?

A general power of attorney grants broad powers to an agent. Essentially, the agent has the same authority as you have to make decisions, handle your financial affairs and manage your assets. One notable exception to this is that agents cannot gift money or property belonging to the principal to themselves.

Who is the best person to give power of attorney?

There are no special qualifications necessary for someone to act as an attorney-in-fact except that the person must not be a minor or otherwise incapacitated. The best choice is someone you trust. Integrity, not financial acumen, is often the most important trait of a potential agent.

How powerful is a POA?

They are powerful. It can give another person (or persons) the ability to act on your behalf with regard to all financial and medical matters. They are typically able to engage in such actions, without your direct oversight, because the document allows for that.

What are the liabilities of being a power of attorney?

Through the POA, you serve as an agent and fiduciary for the principal. That role makes you responsible for properly managing their money, assets, and debts. And that includes decisions on how to handle their debts.

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