It's important to pick the right person to act as the agent (or attorney-in-fact) who's given authority under someone's power of attorney for finances. Trustworthiness is most important, of course. But beyond that, different people might fit different needs. For complicated one-time transactions, the agent should be familiar with the particular financial matter. For temporary handling of everyday money matters while the person is away, it should be someone with easy access to the necessary paperwork. For ongoing, general power-of-attorney duties while the person remains in charge, it should be someone who gets along well with him and can easily accept what he does and doesn't want done for him.
The most important choice of an agent is for a durable power of attorney. This is someone who will retain authority indefinitely if and when the person granting the power of attonry is permanently incapacitated. The durable power-of-attorney agent should not only be capable of handling all financial affairs but also be willing and able to give sufficient time and energy to these responsibilities over the long term.
Hello Anonymous, Thank you for your email. Here is an Ask & Answer page all about POA and liability over debts: ( http://www.caring.com/questions/power-of-attorney-debts ). I hope that helps. Take care -- Emily | Community Manager
Question for you: I f you do have a power of attorney, and are paying the bills for care, and the parent runs up a huge debt without you knowing on an unknown new credit card, are you responsible?
We are going through this right now - and the articles are very much appreciated.