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Power of attorney questionMy mothers finances are all messed up. she also cares for my handicapped father. She is forgetting things like recording transactions, sending in important paperwork and falling victim to various scams. my sister is pushing me to take over our parents financial affairs through a durable power of attorney.. my question is if I do become agent in a power of attorney over my parents will their bad credit and past financial mishaps reflect on my husband and I's credit history. I don't want their bad choices to effect our hard earned good credit status. If I'm tending to their finances on there behalf using my name as agent what is my liability. Can her creditors come after me personally and demand payment from my estate for her past account errors Attorney answers (2)
Reputation Level 9
Answered over 2 years ago.
Estate Planning Attorney in Tacoma, WA.
If you observe the formalities and always indicate your capacity (that is, that you are signing as attorney-in-fact for your mother), then, in general, you should not incur personal liability for the obligations of your mother. You have be really careful that someone doesn't get you to guarantee any obligation. You'll want to keep good records of everything you do and make sure you ask for a copy of every document you sign. There is a really good handout available on powers of attorney called Questions and Answers on Powers of Attorney. You will find it at www.washingtonlawhelp.org in the aging/elder law section under guardianships & powers of attorney. I don't know if this direct link will come through?: http://www.washingtonlawhelp.org/WA/StateChanne...
So, be careful, but my hat is off to you for wanting to help! 1 person marked this answer as good
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Reputation Level 9
Answered over 2 years ago.
Power of Attorney Lawyer in Spokane, WA.
As Attorney in Fact you are an agent of your parents. Your actions will be deemed the actions of your parents so long as your capacity as Attorney in Fact is disclosed when you are acting. For instance if you are signing a Warranty Deed for your parents as Attorney in Fact you would sign their names, then sign "by (your name), AIF". The same principal applies to contracts and bank transactions (checks). There will be no recourse available against you personallay so long as you observe these formalities.
In regards to your credit. You should not be making available your or your husbands social security number to anyone during the course of your actions as Attorney in Fact, thus no company will have a mechanism for attaching your actions for your parents with your credit score. The same is true of liability. If you contract with someone to come into the home to help your parents, you will sign on their behalf. If you signed the contract on your personal behalf, they may have recourse against you personally. 1 person marked this answer as good
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