A financial power of attorney allows another person to manage the financial affairs of the person who grants it. It is commonly used by elderly adults to grant the power to a loved one so that the loved one can keep track of their finances and manage them. If you have a financial power of attorney from your elderly loved one, completing your duties can become complicated.
Problems may arise when other family members second-guess your decisions. Disputes may lead to audits or possibly expose you to liability. Elder Care Direction can offer you guidance on financial powers of attorney and refer you to an elder law or estate planning attorney if you need further legal help. If you take some steps to document your actions and understand the legal obligations that you have, you can feel more confident that you will not lose a case even if litigation happens.