What am I liable for as POA? I'm worried people will harass me for money from my grandfather. ?
- Common SenseLv 72 months ago
I have been POA for several people and was never harassed for money. If someone tries to coerce you into stealing money from your grandfather, you tell them that you will not commit fraud or go to jail in a conspiracy to steal from someone who trusts you. End of discussion. Period...
If you are talking about his creditors, you are not obligated to pay anyone anything unless your grandfather is incapacitated and, as his agent, you take responsibility to take care of his financial affairs.
- xyzzyLv 72 months ago
Most POA don't give you access to the grantors money. Although a power of attorney grants the agent powers to perform acts in the absence of the grantor, the POA cannot grant powers to the agent that conflict with rules and regulations governing people and companies that the agent deals with. For example, if a bank has regulations that require the grantor to be physically present in the bank to perform certain actions, the POA cannot grant the agent power to perform those actions in the absence of the grantor.
- ExoplanetLv 72 months ago
You are your GF's fiduciary. Look it up. But that does not make you personally liable for his debts. You may need to get some real legal advice from an attorney.
- babyboomer1001Lv 72 months ago
READ the POA. There are many different kinds and each one is custom. How the heck are we supposed to know what yours allows/requires you to do? If you don't understand what you signed, then consult a lawyer, who can explain it to you.Source(s): Certified Paralegal, with 25+ years' experience.
- How do you think about the answers? You can sign in to vote the answer.
- realtor.sailorLv 72 months ago
Having a notary witness a signature doesn't change your responsibilities which the other posters have answered here.
- Anonymous2 months ago
You are legally responsible for managing his affairs.
If there is any mismanagement you can be criminally charged.
- EvaLv 72 months ago
There is no liability to being a POA. It doesn't make you responsible for his debts. If you are handling his financial affairs, you do have a responsibility to handle them in a responsible manner and pay the necessary bills as his funds will allow. Once your grandfather dies, your POA becomes invalid and the executor or administrator of his estate takes over.
- TavyLv 72 months ago
You are not liable for anything. You have the legal right to Manage your grandfathers affairs. If he has no money then creditors can't be paid.
- Anonymous2 months ago
All I can say is when I had a family member pass another family member was harassed for money the passed family member owed. She inherited everything from the family member including the credit card bills or that is what the harassing calls claimed. She's still dealing with this now.
- PAMELALv 72 months ago
See a lawyer to get ways to protect yourself.