If you sign a Power of Attorney document at the request of a family member .are you then liable for any and all debts should that family member become incapicitated and/no longer have the funds in their bank accounts to pay off any debtors?
You are only liable insofar as that persons money is concerned. Not yours. IE, if a pension is coming monthly, you should arrange monthly payments with the creditors. You are never obliged to pay the debts with your own money. Also, there are more than one type of Powers of Attorney. If it is enduring, then it comes into effect at the point it is signed and stays in effect during any mental or physical incapability. If it is spriniging, it only comes into effect during mental or physical incapability. If it is neither then it comes into effect on signing and discontinues upon mental or physical incapability.
Absolutely not. The person for whom you hold power of attorney is solely responsible absent proof of some improper action on your behalf, such as commingling funds.
ability of lawyer signifies that the holder of the ability can characterize the guy in criminal concerns, make medical judgements, and different substantial merchandise or movements. even if if the guy is eighteen, the guy with the ability of lawyer can act for the guy, make medical judgements and fiscal concerns.
A power of attorney is a document that gives a person the right to act for another person in a legal manner. Say your grandmother, who is collecting a pension, becomes incapacitated and can no longer look after her own affairs. She forgets to pay the bills, and creditors are calling. The decision iseither put her in a home, let her live with you, or, allow her to live in her own home with in-home care. Well, if you choose option 3, then you'd also have to get a power of attorneythat SHE signs, giving YOU the right to choose her care giver, pay her bills, etc. ButYou would pay the bills using HER money. You would be liable IF you used her money for YOURSELF, and neglected to pay her bills Now, if the family member has no money, and you know thatthen thats different.I'm not sure there. You may want to check with an attorney before signing.
