How to Be a Power of Attorney Agent
By: AARP Outreach & Services Source: AARP.org
Has someone chosen you to be a power of
attorney agent for them? Then you have
been given an important responsibility.
Fulfill this role with care. As an agent, your
primary job is to carry out your loved one's
specific directions. You must also make
decisions the way he or she would make
them.
What You Should Know
There is no such thing as a "standard" Power of Attorney. That's because
this legal document is tailored to each individual's situation. As a power of
attorney agent, you must be familiar with all the terms of your power of
attorney document.
A power of attorney is not an invitation to take charge of all your relative's
affairs and do things your way. Your role as an agent is simply to carry out
the instructions and wishes of your relative. Talk with your relative in detail
about what he or she wants you to do and does not want you to do.
Using the Document
Make several copies of the original power of attorney. Give a copy to each
entity with which you transact business on behalf of your relative. Banks,
insurance companies, and stockbrokers sometimes insist that you use their
power of attorney forms. Find out what forms these institutions require. Have
your relative sign these forms while he or she is still able.
Keep a list of who has a copy of the power of attorney document. When
signing documents as an agent, always make clear that you are signing on
behalf of your relative. Sign your name and follow it with the phrase, "as
agent for _____." Complete the phrase with the name of your relative. If you
sign correctly, you will avoid personal liability.
Full Capacity
Your relative cannot sign a power of attorney unless he or she has the
capacity to understand what he or she is doing. If your relative becomes
incapacitated after signing a power of attorney, your authority as an agent
comes to an end unless your relative signed a durable power of attorney.
Advice for Agents
Make decisions the way your relative would make them, if he or she were
able.
You have a fiduciary duty to manage your relative's assets carefully and to
act in his or her best interest. If you don't do this, you could be sued for
abusing the trust given to you. Always keep your relative's assets separate
from yours. Keep good records of all your relative's resources and your
actions.
Avoid misunderstandings by communicating with other family members about
how you are managing your relative's affairs.
http://www.aarp.org/family/lifeafterloss/articles/how_to_be_a_power_of_attorn
ey.html
By: AARP Outreach & Services Source: AARP.org
Has someone chosen you to be a power of
attorney agent for them? Then you have
been given an important responsibility.
Fulfill this role with care. As an agent, your
primary job is to carry out your loved one's
specific directions. You must also make
decisions the way he or she would make
them.
What You Should Know
There is no such thing as a "standard" Power of Attorney. That's because
this legal document is tailored to each individual's situation. As a power of
attorney agent, you must be familiar with all the terms of your power of
attorney document.
A power of attorney is not an invitation to take charge of all your relative's
affairs and do things your way. Your role as an agent is simply to carry out
the instructions and wishes of your relative. Talk with your relative in detail
about what he or she wants you to do and does not want you to do.
Using the Document
Make several copies of the original power of attorney. Give a copy to each
entity with which you transact business on behalf of your relative. Banks,
insurance companies, and stockbrokers sometimes insist that you use their
power of attorney forms. Find out what forms these institutions require. Have
your relative sign these forms while he or she is still able.
Keep a list of who has a copy of the power of attorney document. When
signing documents as an agent, always make clear that you are signing on
behalf of your relative. Sign your name and follow it with the phrase, "as
agent for _____." Complete the phrase with the name of your relative. If you
sign correctly, you will avoid personal liability.
Full Capacity
Your relative cannot sign a power of attorney unless he or she has the
capacity to understand what he or she is doing. If your relative becomes
incapacitated after signing a power of attorney, your authority as an agent
comes to an end unless your relative signed a durable power of attorney.
Advice for Agents
Make decisions the way your relative would make them, if he or she were
able.
You have a fiduciary duty to manage your relative's assets carefully and to
act in his or her best interest. If you don't do this, you could be sued for
abusing the trust given to you. Always keep your relative's assets separate
from yours. Keep good records of all your relative's resources and your
actions.
Avoid misunderstandings by communicating with other family members about
how you are managing your relative's affairs.
http://www.aarp.org/family/lifeafterloss/articles/how_to_be_a_power_of_attorn
ey.html
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