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What does a Power of Attorney does exactly?
Anonymous2 views2 answers
I am having money issues that involves hidden funds. I have over $60,000 is Savings Bonds that my dad has hidden from me, hoping that I die off before he does, and he won't allow me ANY access to them. I was considering appointing someone I trust, without a doubt, to be my Power of Attorney. I need to know the exact duties of a Power of Attorney before I make this life changing change in my life. I don't want to contact the Treasury Dept because in the end he is still my dad. I want things to go smoothly, but not allow someone to keep stepping on me and doing so because they feel as if they can. Please, don't answer if you are going to lecture or judge me. I'm only seeking the definition and explanation or somewhere I can find that information. Thanks!
A power of attorney is giving someone the authority to act on your behalf. They can be general (allow the person to act in all circumstances) or limited to only authorizing them to act in specific circumstances or acts. They can also be durable, meaning the other person would continue to have authority to act on your behalf if you become incapacitated. The grant of authority always expires upon the death of the grantor.
A power of attorney appoints another to act on your behalf as your agent. It can be effective immediately or springing, meaning that it becomes effective only when you are incapacitated. It can be durable and remain effective after your incapacity. The agent is your fiduciary and can only do what they are authorized in the POA to do.
Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.
