4 things to know about a Financial Power of Attorney
Posted by Gerald J. Turner – Most of the information you find about financial powers of attorney regards the person assigning the power to another person. However, it is essential to understand what your duties and responsibilities entail if you are named as the attorney-in-fact under an older loved one’s power of attorney. It is an important responsibility to be asked to care for another person and keep track of his or her money. Unfortunately, the adult child or other loved one who has been asked to have financial power of attorney often does not have all the information or resources they need to be successful. Here are a few tips to help you stay on the right track: 1. Do not commingle funds. It is imperative that you keep your personal finances separate from the elder’s. Money should not be mixed, nor should it be transferred from one account