Power of attorneys are usually appointed in the event that the donor will no longer be able to manage their affairs in the future for reasons such as health related issues, travel, and overall not being in sound mind to manage one’s own affairs.
“Powers of Attorney always have to wear the fiduciary hat” says Colin “and always, always be over-prepared”
The primary responsibility and priority of the power of attorney Is to maintain the personal care and security of the donor. This usually comes in the form of financial care, which includes responsibilities such as paying bills, looking after properties, keeping record of invoices and transactions, and keeping a record of all the donors assets and liabilities. It could also come in the form of maintaining personal health care if the donor is not able to do so, which entails responsibilities such as keeping up with appointments, and providing the donor with all the necessary materials and resources for the maintenance of good health.
Colin also recommends that in order to be a responsible power of attorney, one should consider in good contact with all the lives that intersect with that of the donor. This will help the attorney get an idea of the needs and requirements of the donor, and will make the job of the POA easier.
Catch FH&P Lawyers Nancy Ling and Colin Flannigan on AM 1150 every other Tuesday morning at 9:30 am on Tuesday morning law talk with Phil Johnson! Keep your eyes peeled on our blog for more on Powers of Attorney and Estate Planning information!
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