If I become Power of Attorney for my aging parents, am I responsible for their future expenses?

Follow
Share
This question has been closed for answers. Ask a New Question.
Find Care & Housing
45

Answers

Show:
On one level, the answer to this question is clear: no, you don't become jointly liable with your parents for their expenses when you take on the responsibility of managing their funds and financial affairs.

But the question brings up some important things to remember once you do start acting for your parents. Under the power of attorney, you are acting as a fiduciary: a person responsible for other peoples' money. So, considering the question with that in mind, you have carefully fulfill your responsibilities.

Like the trustee at the bank who manages funds for the bank customers, you can be held liable for you parents' expenses if you transfer their funds to yourself or use their money in a way that goes against their interests.
Helpful Answer (0)
Report

If you have their POA only, no, you would not be responsible for any of their assets, investments, accounts, etc. The exception is if you are also named as a co-owner on accounts such as checking accounts or if you are also on credit card accounts.
The POA only gives you the ability to make financial decisions for someone who has become incapacitated.
Helpful Answer (7)
Report

bossygirl, you can keep him there legally, plus the doctor is not going to let him go for he sounds like he is unsafe to discharge. I don't understand how he can be in a nursing home and still be able to drive. That sounds more like assisted living. Has your dad been evaluated by a doctor for how competent he is?
Helpful Answer (2)
Report

Are both your and your mom's names on the car insurance policy? Is your mother competent to handle her business in a business like manner and has a doctor evaluated her competency? You and your mother both own the car and are responsible for how it gets used or misused.
Helpful Answer (1)
Report

I don't believe that he can just check himself out. Where does his wife live? Do they own a house or trailer together? Has he gone to court for the divorce proceedings? Sorry to be nosy, but on what grounds is she divorcing him?
Helpful Answer (1)
Report

Your brother should not have all of her money. It should be being managed by you as the POA.

How is the nursing home being paid for?

When she passes, the money for her funeral should come from her estate if there is any money left by then. Does she have a will and who is the executor of the will? If there is not enough money left over to pay for her funeral, I would think it would be a shared responsibility between you and your brother.
Helpful Answer (1)
Report

If the will states that you are the executor, then you are. What advantage is there in your not telling your half brother that you have POA and the will? What he is doing is not legal. I'm sorry that you two don't speak and that you live in a different state. He must be terribly intimidating. I think that you need a lawyer. I wish you well as you figure your way through all of this.
Helpful Answer (1)
Report

You are not responsible for your mother's bills that she took out under her name. If you are signed on to any of them, car, credit card, etc. then you can be held liable.
Anonymous was correct in their information to you.
Helpful Answer (1)
Report

FORMYMUM: What type of bills did your Mom have that the creditors are harassing you over? I honestly like stuff like this because it is a bit of a challenge to get them off your back, especially when I know I am right!

If you have not signed on to anything like your Mom's credit card or anything, you really do not have anything to worry about. They cannot come and take YOUR money to pay her bills. What you need to do is find the bills or letters from the creditors and you need to sit down and type up some letters to each of them, you need to explain the situation. "My elderly mother who is 90 years old and suffers with dementia, has become so ill that she has been admitted to such and such facility." Go on to tell them that she has zero assets left, every cent of her social security is paid directly to the nursing home, etc. Tell them that you regret to inform them of this information but there will be no further payments made to them and it will be necessary for them to write off the balances owed. You can go on to tell them that any further communication from them will be considered to be harassment if you want.

Now after saying all that, IF your Mom has a bank account or a home you will probably have to pay them from the proceeds. In my sister in laws case she died and her house was not worth what she owed on it, so they let the house go back to the bank, they sent a copy of her death certificate, she was not married nor did she have children, so they just had to write off the balances on her credit cards.

Creditors can be heartless and ruthless so you may have to stand up to them. If there is nothing left, then there is nothing left, "you cannot squeeze blood from a turnip!"
Helpful Answer (1)
Report

Yes. She left me a will giving me everything, money, car, furniture. My brother has all her money and her assets witch he took when he took her in. He and mom are in a different state. He is slowly going through her money. He doesn't know I have power of attorney and a will. He thinks his will is in power. Mine supersedes his, from when she last lived with me. I just don't want to be responsible for her debts, or funeral, when he is the one that has all her assets. I don't even know where her new bank account is or her belongings. The last bank account she had he took her to the bank, and she with drew all her money five month before putting her in the rest home. Thank you for answering my question, and the response to If I had a will? Does that make me the executor? PS my half brother and I don't speak. So it's hard to get any answers.
Helpful Answer (0)
Report

See All Answers
This question has been closed for answers. Ask a New Question.
Related
Questions