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Jlaroche Asked September 2021

Mom is asking me what hourly rate I will charge for performing power of attorney duties. What are normal duties and charges?

Unfortunately there are no classes or training offered to tell what duties/responsibilities are required of a power of attorney. I’m at a lost. Accountability is most important as I have non-trusting siblings who are selfish and feel entitled to her money. Any advice or recommendations?

AlvaDeer Sep 2021
This is really a hard job. I was Trustee of Trust and POA for a brother who was on the other side of my State. I had to call multiple entities and often would be on the phone literally for hours trying to get things accomplished. I can tell you I would never do this again for someone I loved even a little less. I didn't take any monies to do this, but I was his only heir when he died.
You might discuss with a Fiduciary. His friend had one and charged 90.00 an hour at the time; this was about three years ago. Or you might call Fiduciaries and discuss their fees with them. I would attend a Lawyer to have a contract of payment written. This involves a lot of record keeping, you are correct. JoAnn is correct about the POA documents having to have written in that you will be paid to do this duty; most of them absolutely do have that if they are even minimally well written.

JoAnn29 Sep 2021
It should have been written in the POA that you are to be paid and the rate. Need to talk to the lawyer who wrote it up and see if you can add an addendum. You need it in writing in case Mom ever needs Medicaid.

For my Mom she had limited income. Whatever money she had I wanted it going to her care. She had a house that I paid the bills out of her acct for her. I did clean out the house but was able to do that over a period of time. Dealt with the AL once she entered and put her house up for sale. Cashed in her CDs for her care. I didn't have to worry about taxes because Mom didn't bring in enough to file them. But it was not a large estate, so I took nothing. If I had to make sure investments were handled and and there was a lot of work involved I may have thought differently.

Executors are allowed to take a % of an estate. Its 4% to 2% in my state. The bigger the estate the smaller the %. My Mom had 5k in shares and my brothers signed off allowing me to put them in my name. I get get about $250 in dividends ever quartern. So thats my payment for all I did.😊

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