You are here: Home Planning Ahead Durable Power Of ... What Can An ...
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Durable Power Of Attorney For Finances

What Can An Agent/Attorney-in-fact Do?

Next » « Previous

4/14

It's up to you to determine the powers your Attorney-in-fact has.

In general, an Attorney-in-fact can do everything you can, or be limited to acting just on one specific matter -- or anywhere in between. The only exception is that depending on the state in which you live, an Attorney-in-fact may not be able to make health care decisions for you. If you want an Attorney-in-fact to make health care decisions, you can execute a Health Care Power Of Attorney.

An Agent under a General Power of Attorney can:

  • Use your assets to pay your and your family's everyday expenses.
  • Buy and sell real and personal property.
  • Collect benefits from Social Security, Medicare, or private insurance policies.
  • Invest your money.
  • Perform banking transactions -- including taking loans on your behalf.
  • File and pay your taxes.
  • Negotiate a settlement with the IRS and other taxing authorities.
  • Operate your business.
  • Change your legal domicile to a state where Medicaid rules are more favorable.
  • Access your safe deposit box.

Whatever powers you give the Attorney-in-fact, he or she must:

  • Act in your best interests.
  • Keep accurate records.
  • Keep your property separate from his or hers.
  • Avoid conflicts of interest.

As you will see below, the power of attorney does not have to take effect the day you sign it.

To Learn More


Please share how this information is useful to you. 0 Comments

 

Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.