Power of Attorney Ultimate Guide

By Robert C. Gerhard, III, Certified Elder Law Attorney

Disclaimer: We recommend that you have ongoing legal advice from an elder law attorney to navigate Medicaid estate recovery claims. This guide is meant to provide general information and does not constitute legal advice. If you wish to secure our services, please contact Gerhard & Gerhard, P.C.

How to Get Financial Power of Attorney in Pennsylvania

Here are several key points about how to get a financial power of attorney (POA) in Pennsylvania:

  1. The Client Should Be the One to Call the Office. Ideally the person who is looking to sign the POA should be the one who calls the law office. The law firm is required to confirm that the person looking to sign a POA has the requisite capacity to knowingly sign the POA document. If you call our law firm on behalf of a parent, friend, or loved one, we will provide information about the process, but please know that the estate planning attorney must speak with the person for whom the POA is to be drafted. Our staff members are trained to provide general information, and to request the person looking to sign a POA to be the one to contact our office.  
  2. Choose Someone Trustworthy and Capable. Designate someone to serve as your POA who is trustworthy and capable. You don’t want someone to be your POA who is trustworthy but not capable, or capable but not trustworthy. You must have someone who is both trustworthy and capable.  
  3. Ask the POA if They Will Serve. Name a Back-up. Be sure to confirm that the person you wish to name as your POA, also known as your “agent”, is willing to take on the responsibility. You don’t want to find out later that your planning failed because the person turned out to be unwilling to serve. Considering naming a back-up POAs in your document, to be on the safe side.
  4. Read the POA and Ask Questions. Read the draft document sent to you by your lawyer and only sign the POA after you understand it. A good estate planning lawyer will welcome your questions and draft the POA in straightforward language that is easy to understand. 
  5. Plan Ahead. Sign Your POA Before it is Too Late. A power of attorney document needs to be signed while you are lucid and before a setback that results in mental incapacity. If a person loses mental capacity due to dementia or another reason, then it may be too late to sign a POA and costly guardianship proceedings may be necessary.
  6. A POA is not One Size Fits All. Ask your lawyer about the authority that can be included and excluded in the POA, and when it becomes effective. For example, if you have an existing POA, take it look at it. You need to be careful about what authority is included. Your lawyer should discuss the details of the POA with your lawyer, and know why powers are being included, or excluded from your POA.
  7. Online Forms, Buyer Beware. You can get a POA online, but that is at your own risk because an online POA may not work when needed. Unfortunately, we see many online POAs that are not legally valid under Pennsylvania law or were signed improperly. 

In summary, you can get a POA online or from an estate planning law firm. Working with an estate planning attorney is the safer bet. If you wish to have our office help you with your estate planning documents, including preparation of your will, financial POA, healthcare POA, and possibly a trust if appropriate for your situation, please call or contact us through this website.

Becoming A Financial Power of Attorney: Why Should I Hire A Lawyer?

  1. A Pennsylvania resident needs to be certain their POA complies with Pennsylvania law, or it won’t be valid. Some online forms do not comply with current Pennsylvania law. 
  2. The power of attorney must contain Pennsylvania’s current “notice page” and “agent’s acknowledgment page.” Failing to include this language or using the old provisions can result in the POA document not being usable when needed. 
  3. Pennsylvania law sets forth several execution formalities that need to be followed when a person signs their POA. The person signing must have legal capacity to do so, the witnesses cannot be named to serve as POA in the document, and it must be signed before a Notary Public.
  4. Failing to include the right language could inadvertently limit your agent’s power to use the document to help you when needed. An online form may or may not have the right language. A capable estate planning attorney can discuss what powers you wish to include, and make sure your agent has authority to do what’s necessary. Your lawyer can also draft the POA to limit your agent’s authority as appropriate. 
  5. A reputable estate planning attorney is not going to have someone sign a POA who lacks capacity to do so. If the POA were to be challenged by a disgruntled family member or third party, a POA drafted by a lawyer and supported by that lawyer’s credible testimony is more likely to stand up in court than an online form that was not drafted by a reputable scrivener who is an estate planning attorney.

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If you wish to have our office work with you to prepare your estate planning documents, such as a Will or Trust, Financial Power of Attorney, and Healthcare Power of Attorney, contact us by calling our office or click here.

What Should I Ask My Lawyer about Financial Power of Attorney?

What questions should you ask your lawyer when preparing a financial POA document? Here are ten questions to get the conversation started: 

  1. Should I name agents to serve as POA jointly, separately, or in a specific order?
  2. How many “back-ups” should I have in case my first named POA is deceased or otherwise unable or unavailable to act on my behalf?
  3. Should I include powers that permit estate planning or Medicaid planning to protect assets from nursing home costs? What are the risks and potential benefits of including this authority?
  4. Should the POA be effective immediately, or should it be a “springing POA” that only takes effect upon my incapacity? 
  5. Can my agent “take over” and sell my house or other assets against my wishes? I don’t want to lose control, how to I make sure things are done properly?
  6. Are there any safeguards or “checks and balances” that I should include in the POA? When should I limit my agent’s authority. 
  7. Is my agent accountable to anyone? Should I require my agent to provide copies of financial statements to certain people? 
  8. Should I lower the “standard of care” to reduce my agent’s risk of personal liability for taking on the responsibility of serving as my POA?
  9. When should I give my agent a copy of the POA? Where should I keep the original POA document?
  10. Going forward, how often should I update my POA?

Disclaimer: We recommend that you receive legal advice from an estate attorney so your estate planning documents are prepared properly and in accordance with Pennsylvania law. If you wish to secure our estate planning services, please click here and we would be pleased to assist.

Should you Name Two People to Serve as Power of Attorney?

There are several protections your lawyer can include when drafting your power of attorney. These protections can limit your agent’s authority and hold that agent accountable.

  1. First, be sure to select the right person to serve as “agent” under power of attorney. Name the person in your life who you know is capable and completely trustworthy. The agent does not need to know everything themselves but should know when to ask a professional for advice. Do not name your eldest child to serve just because he or she is the eldest. Name the person you think will do the best job. 
  2. You can require joint action (“two signatures”) before certain authority is exercised. For example, you may want co-agents so that two signatures are required for certain actions. Some banks to not open bank accounts for co-agents, so you may also want to include the power of co-agents to delegate certain tasks to one of the other, such as basic bill paying. They could agree between the two of them that one signature could be required on a checking account, for example, but both would receive monthly statements or have online access to monitor ongoing account activity. 
  3. Consider requiring your agent to give copies of your financial statements to certain people, such as their siblings, upon request. For example, if you are naming one of two children to serve as power of attorney, maybe it would be appropriate for the other child to always have access to the financial records just to make sure all is being handled properly. You can require your agent to provide copies of financial records to people you name upon request. This provides a check on your agent’s power, and can keep your other children informed about how your funds are being used in the event of your incapacity. 
  4. Give someone the power to require your POA to file an accounting with the court. Not just anyone can require the person you name as agent to file an accounting with the court for review. The person must have “legal standing”, that is, the legal right to do so. Your lawyer can draft this power into your POA document. For example, if you have two children and name one to serve as POA, you can give the other child permission to file an accounting with the court, if needed. This power would be helpful if the non-POA child felt that the one you named as POA was not meeting their legal duties or acting in your best interest. 
  5. Worst case, consider not signing a power of attorney. Without a power of attorney in place, the costs of guardianship can be expensive. However, signing a POA that names the wrong person can be much more expensive than any expense related to guardianship, especially if the POA takes or mishandles your money. Guardianships are court supervised, and the person appointed as guardian needs to file an annual report setting forth your finances. A guardian needs to get court permission to spend your money, aside from income. In most cases it makes sense to sign a POA if do have someone to act on your behalf, but if you do not have someone it can be better to not sign a POA rather than sign a POA that names the wrong person. 

If you wish to have our office help you with your estate planning documents, including preparation of your will, financial POA, healthcare POA, and possibly a trust if appropriate for your situation, please call or contact us through this website.

Does a Financial Power of Attorney Grant Unlimited Power?

Can the person you name in a financial power of attorney do anything he or she wants to do? What an agent (POA) can do on your behalf depends on the language of your document and is also governed by legal duties and limitations imposed by Pennsylvania law. Pennsylvania law requires the person you choose to serve as POA to act in your best interest and within the scope of authority set forth in the POA document. 

A power of attorney can grant broad or narrow authority. For this reason, you need to be very careful about what powers you choose to include in your power of attorney document. If the powers are too broad, then the agent named in the POA may have authority to take actions you would not want him or her to take. If drafted too narrowly, your agent may not have enough power to take desired actions when needed. Here are some considerations to discuss with the lawyer drafting your financial power of attorney document:

Controls on Authority. You may wish to place limits on your agent. 

  1. Require Joint Action. Naming two agents and requiring two signatures may be the “check and balance” needed to avoid one agent making an ill-advised decision that could have been avoided if consultation with a co-agent had been mandated by the terms of the POA. 
  2. Require Joint Action Except as the Agents May Delegate. Sometimes requiring two signatures on everything can be tedious and unnecessary, such as for basic monthly bill paying. Your financial power of attorney document can give co-agents the ability to delegate tasks to each other. Your co-agents can then decide, for instance, to have only one of them sign checks to pay monthly bills, and perhaps the other agent could review the monthly bank statements. This way you have two people working together as your agents but avoid the logistical challenge of securing two signatures for routine monthly bill paying.  Also, some banks are not able to actively monitor the “two signature requirement” administratively and will not open bank accounts requiring two signatures for fear of liability. The administrators of some banks fear that if they were to allow checks that should have had two signatures to go through with one signature, they could be held financially responsible or have to pay to defend lawsuits. Some banks do open accounts that require two POA signatures, so you may need to shop for the right bank to work with if you prefer to see two signatures required.

Transparency 

You may wish to designate one person to serve as POA but want another family member or trusted third-party to be able to know what is going on with your finances. You can include language in your power of attorney that requires the person serving as your POA to provide copies of checks and bank statements to named family members and third parties. For example, you may name one child to serve as POA, but require in your POA document that this child provide copies of financial records to your other children upon request. 

Accountability

You should always be very careful about who you designate to serve as your POA. A parent with several children may wish to give those children not serving as POA the legal authority to require the child acting as POA to file an account with the court. This situation normally only arises when there are concerns about the named agent acting improperly. Without such a provision the children who are not serving as POA may have a difficult time getting an explanation for how your funds are being spent or even lack the right to go to court to request an accounting.

Consider Limiting Hot Powers 

There are several powers that can be included in a financial power of attorney document that are sometimes referred to as “hot powers.” This is because you can be burned if your agent uses them inappropriately. These powers include gifting authority, the ability to create and change beneficiary designations, power to disclaim an inheritance, authority to create or sever forms of joint ownership, or the power to consent to a non-spouse to be primary beneficiary on a retirement account such as a 401(k). Whether or not to include these hot powers is a matter you should discuss with your lawyer. 

Gifting Authority

Do you wish to allow your agent to make unlimited gifts of your assets? Many of our clients do not. In some cases, our clients do wish to include unlimited gifting authority to permit future Medicaid planning or for other estate planning reasons. If the financial power of attorney document lacks this authority, certain asset transfers may not be permissible. Sometimes our clients wish to limit gifting to the annual gift tax exclusion amount which at the time of this writing is $16,000 per person per calendar year. Sometimes our clients wish to limit the purpose of gifts, or permit only very modest gifts for birthdays, anniversaries, weddings, or holidays where there has been a pattern and history of gifting. If you wish for your agent to be authorized to make any gifts, and especially gifts to himself or herself, this authority should be specifically stated in the document otherwise the gifting could be prohibited and considered a breach of fiduciary duty if gifting occurs. You may wish to require the prior written consent of a third party, such as your other then-living children, before any gifting occurs, especially “self-gifting.” Of course, you may also decide not to include any gifting authority in your power of attorney. When we draft a power of attorney that prohibits gifting, we specifically state that “No gifting is permitted hereunder.” 

Changing Your Estate Plan 

Do you want your agent to be able to change your estate plan? Sometimes flexibility is a good thing and granting an agent authority to adjust your estate plan can be helpful, but in other cases it can be extraordinarily damaging and could result in litigation and unfair outcomes. Ask your lawyer for the advice needed to make the informed decisions about what powers to omit or include in your document, particularly those powers which could disrupt your estate plan.  

Notice of Revocation 

If an agent is provided with notice that the power of attorney has been revoked, he or she must stop acting as power of attorney. You can revoke your power of attorney at any time unless you are incapacitated. If you are incapacitated, a person interested in your well-being can petition the court for guardianship and the court can remove an agent under power of attorney if the judge agrees there is good cause to do so. 

In summary, an agent under power of attorney is not permitted to do “anything” he or she wants to do with your property. Rather, your agent must act within the scope of the powers granted in the POA document, and must stop acting if you tell the agent you have revoked the power of attorney. 

What are the legal duties of a Pennsylvania Power of Attorney?

In Pennsylvania, the agent named in a power of attorney document has certain legal duties to fulfill. If the agent fails to meet his or her legal duties, he or she may be removed as POA and could be financially liable for damages. Some legal duties are mandatory and cannot be avoided by language in the POA document, and some legal duties can be limited or eliminated depending on how the power of attorney is written.

Mandatory Duties 

Regardless of any provisions in the power of attorney document as written, an agent under a Pennsylvania financial power of attorney who has accepted the appointment as POA must meet the following duties:

  1. Act in accordance with the principal’s reasonable expectations to the extent actually known by the agent and, otherwise, in the principal’s best interest.
  2. Act in good faith.
  3. Act only within the scope of authority granted in the power of attorney.

Modifiable Legal Duties 

Pennsylvania law specifies that certain duties of an agent under a POA can be changed depending on how the power of attorney document is written:

  1. Keep the agent’s funds separate from the principal’s funds unless:
    1. The funds were not kept separate as of the date of the execution of the power of attorney; or
    2. The principal commingles the funds after the date of the execution of the power of attorney and the agent is the principal’s spouse.
  2. Act so as to not create a conflict of interest that impairs the agent’s ability to act impartially in the principal’s best interest. 
  3. Act with the care, competence and diligence ordinarily exercised by agents in similar circumstances. Some power of attorney documents lower the standard of care so that the agent would not be held liable for mistakes of ordinary negligence, but would still be held liable for damages caused by dishonesty, gross negligence, or willful misconduct. 
  4. Keep a record of all receipts, disbursement and transactions made on behalf of the principal. Even if the power of attorney document purports to reduce the record-keeping requirement, the person acting as agent under the power of attorney should always maintain meticulous financial records. This includes copies of all financial statements and receipts or copies of bills paid. 
  5. Cooperate with the person who has authority to make health care decisions for the principal.
  6. Attempt to preserve the principal’s estate plan, to the extent actually known by the agent, if preserving the plan is consistent with the principal’s best interest based on all relevant factors. These factors include the value and nature of the principal’s property, the principal’s foreseeable obligations and need for maintenance, minimization of taxes (such as income, estate, inheritance, and gift taxes) and eligibility for a benefit, program or assistance under a statute or regulation such as Medicaid long-term care benefits. 

If you do not meet your legal duties when serving as financial power of attorney, you could be removed by the court, or even face personal liability if there are financial damages caused by the breach of fiduciary duty. It all begins with the drafting of the power of attorney, and the agent needs to review the document carefully before exercising the authority in it. When in doubt, acting honestly and in the principal’s best interest and maintaining meticulous financial records will tend to get the agent through most situations. The safest path, and recommended course of action, is to consult with a knowledgeable lawyer before using a financial power of attorney document so you know your legal duties.  

Can a Power of Attorney Transfer Money to Themselves?

The person you name as power of attorney is generally prohibited from self-gifting unless you specifically authorize the person to make gifts to themselves in the POA document. This question comes up frequently, but the answer is usually straightforward once you read the language in the POA document. If your POA, also known as your “agent”, gifts money to themselves without permission to do so, is a “breach of fiduciary duty” and the agent can be held financially liable in court and removed from serving as your POA. 

There is an exception, and that is where the power of attorney gives your agent permission to self-gift. Sometimes it is appropriate to permit your agent to make gifts of your money. For example, you may wish to give your spouse permission to move assets from your name to their name as part of a Medicaid planning strategy to protect assets from nursing home costs. 

If you are supporting an adult child, Pennsylvania law allows you to grant permission in the document for your agent to provide “family support and maintenance.” This power can be used by your agent to transfer money to themselves for the purposes of support and education, after first considering your needs. An estate planning attorney can limit this authority, or omit it from your POA document entirely, as you prefer. 

Likewise, you may wish for your agent to continue an established pattern of annual gifting. For example, if you have made holiday gifts each year to your children, and become incapacitated, you may wish to permit your agent to continue making those annual gifts. If your agent is one of your children, then the agent can make gifts to themselves only if your power of attorney document gives the agent specific permission to do so. 

If your POA does not specifically grant permission to make gifts, the agent has no legal authority to make ANY gifts of your assets, even normal holiday, or birthday gifts. Your POA has a legal duty to act in your best interests, and giving away your money to others or self-gifting is often not in your best interests. You control what permission is included or excluded from your POA document with respect to gifting. 

Your agent also has a duty to act in good faith and in accordance with your reasonable expectations. Your agent must generally attempt to maintain your estate plan pursuant to several factors set forth in Pennsylvania’s power of attorney statute. For example, even if the power of attorney permits self-gifting, it would be a violation of your agent’s legal duties to transfer assets to themselves leaving you with nothing without thinking about your needs, tax considerations, or planning to secure public benefits such as Medicaid long-term care benefits. You can be specific in your POA document in this regard and can prohibit your POA from being able to legally transfer money to themselves.  

Our office can draft your power of attorney document in a way that can limit gifting and make your agent accountable to third parties. If you wish to have our office help you with your estate planning documents, including preparation of your will, financial POA, healthcare POA, and possibly a trust if appropriate for your situation, please call or contact us through this website.

How Long is a Power of Attorney Good for in Pennsylvania?

How long is a power of attorney valid in Pennsylvania? Here are a few key points:

  1. Not Invalid Due to Mere Passage of Time. In Pennsylvania a power of attorney (POA) does not go bad or become invalid just because of the mere passage of time. The document may appear outdated as Pennsylvania law changes and the POA format changes over time, but an old POA can remain valid even after many years. 
  2. Update your POA Periodically. It is a good idea to update your POA document periodically as the law changes since current and up to date POA documents are more likely to be readily accepted by banks, financial institutions, and real estate title companies. That said, an old POA document is normally still valid and should be honored by third parties. There is no set rule, but if your POA is more than 10 years old, this author believes it is certainly due or overdue for an update. 
  3. You Can Revoke Your POA. You can intentionally make your POA no longer valid by revoking it. Signing a new POA can revoke a prior POA. The author strongly recommends that you consult with an attorney regarding the formalities of revoking your POA if the person you named in the document is currently acting. The person you designated as your POA, known as your “agent” should normally receive written notice that you have revoked your POA, if they are currently using the POA. Otherwise, their actions can potentially continue to be legally binding upon you even after you thought you revoked it. It is good practice to write to any banks and third parties who have honored the POA to let them know that you have revoked it. 
  4. POA Stops Upon Death. Your POA is no longer usable by your agent if you die, if your agent knows that you died. Your executor takes over financial matters upon your passing if you have a will. The agent in your POA can be forced to account to your executor and explain how they handled your finances during your lifetime. They may be required to prepare a document with the court known as a “fiduciary account” to set forth what assets existed and how they were used by the POA. 
  5. Void from the Beginning. A POA may not be valid starting from the moment it was signed. The law refers to this as being “void ab initio” or “void from the beginning. This can occur if the execution formalities were not followed, if the document such as an online POA does not comply with Pennsylvania law, or if the person signing the POA lacked the requisite mental capacity to knowingly sign the document.  
  6. Court Removal of Agent. A court can determine that a POA is no longer valid in a few situations. For example, if a court determines that the person acting as POA mishandled finances, the court can remove that agent. If there is no alternate POA named in the document, then the court can appoint a guardian, and in that instance the POA’s authority is generally stopped by the guardianship and the POA is no longer usable. 
  7. Death or Resignation of the POA. If the person named as your POA dies, resigns, or is otherwise unable to act as POA, and there is no back-up set forth in the POA or mechanism for appointment of a successor POA, then the POA ends and is no longer usable. It is a good idea to name a back-up agent or two if you have trustworthy people in your life who are willing to take on the responsibility of serving as your POA when needed.  

If you wish to have our office help you with your estate planning documents, including preparation of your will, financial POA, healthcare POA, and possibly a trust if appropriate for your situation, please contact us. You can rely on the lawyers at Gerhard & Gerhard, P.C.  to be on your side every step of the way.

Power of Attorney vs. Guardianship in Pennsylvania

Power of Attorney vs. Guardianship in Pennsylvania

Here are some points of comparison between a Power of Attorney and a guardianship in Pennsylvania. 

  1. A Power of Attorney (POA) is a relatively inexpensive document that is part of an overall estate planning package. Guardianship proceedings are more expensive and normally cost several thousand dollars to create, and cost more money to administer on an ongoing basis. If you have a trustworthy and capable person to name as your agent in the POA, this can be a less expensive option than guardianship in the long run. Most people wish to avoid guardianship, if possible. 
  2. Power of Attorney documents can cover financial matters and healthcare matters. Normally you would sign separate POA documents, one for finances, and the other for healthcare matters. With guardianship proceedings, the individual the court appoints to make your healthcare and non-financial decisions is called the “guardian of the person.” The person the court appoints to handle your investment and financial matters is called the “guardian of the estate.” The court can appoint different individuals to fill these positions, if appropriate. 
  3. A well-drafted Power of Attorney will normally avoid guardianship proceedings.  
  4. With a Power of Attorney, you designate the person or people you want to oversee your financial and healthcare matters in the event of your disability. With guardianship, the court listens to testimony, weighs evidence, and decides who should act on your behalf. Sometimes the court appoints a family member, and sometimes the court appoints an independent, professional guardian whose costs are paid from your assets. 
  5. A Power of Attorney is signed by someone who is planning ahead, before incapacity. The additional expense incurred by having to file for guardianship is often, but not always, the result of a lack of estate planning. Sometimes guardianship is required because the agent named in the POA died with no back-up or is otherwise unavailable or unwilling to serve.  Sometimes guardianship is required due to family disagreements over how the named agent is handling financial or healthcare matters as POA. When the court sees family members fighting and disagreeing, it may decide that it is in the incapacitated persons’ best interest to appoint an unrelated professional guardian. 
  6. The author of this article suggests that it is better to not sign a Power of Attorney than to name the wrong person in your Power of Attorney document. If you have no signed POA, guardianship can be required in the event of your incapacity. Guardians are monitored by the court and must file annual reports, so there is accountability built into the guardianship system. Sometimes a trust designating a corporate trustee can be a way to make sure financial matters are handled properly if you have no trusted family members or friend to designate as POA. It is less common these days, but some banks will serve as Power of Attorney, and this can be an option to avoid guardianship in some cases, potentially in combination with a trust.  
  7. You need to have legal capacity to sign a valid POA. Guardianship is appropriate only where the person lacks capacity and there are no less restrictive alternatives to avoid guardianship. A Power of Attorney is normally a less restrictive alternative to guardianship when the person named as Power of Attorney is acting properly.  
  8. So long as you have “mental capacity” you retain the ability to revoke your Power of Attorney by signing a new one and letting the person you named know that they have been removed. With guardianship, you or a person on your behalf would have to file a “petition for review” to change the court order, remove the guardian, or prove that there is no longer a need for guardianship.   
  9. Both a court-appointed guardian and an agent designated in a Power of Attorney are entitled to be paid for their services. That said, often a family member serving as your POA will not charge for their time spent handling your affairs, but they are entitled to reasonable compensation and reimbursement for out-of-pocket expenses. If you wish to do so, you can limit compensation in your POA, or state that your agent shall serve without compensation. A guardian is entitled to compensation and needs to seek court permission before being paid. If an agent under a POA pays themselves too much money, that can be challenged by someone with legal standing to complain, and the court can reduce compensation as appropriate. 
  10. A Power of Attorney is used by the person you designate, known as an “agent under POA” without court supervision unless someone with legal standing complains to the court about how your agent is handling your finances. In that case the agent in the POA needs to account to the court and explain how they have handled your financial matters.   
  11. A guardianship is court supervised and the guardian must file annual reports. A guardian can spend income without court permission, but to spend your other money (known as “principal”) the guardian needs to ask the court for permission. A Power of Attorney permits your named agent to spend money without court permission, but the agent must act in good faith, in your best interests, and in accord with what would be your reasonable expectations. An agent also has a legal duty to maintain financial records and documentation of all expenditures. If you name a trustworthy and capable person, they can handle your finances under a POA without the same level of ongoing legal fees associated with guardianship, and without having to go to court. An agent can still be held accountable in court in the event he or she is not meeting their duty of care, but there are no mandatory annual reports to file unless the Power of Attorney document requires the agent to prepare some form of annual accounting. It can be a good idea in some cases to require your agent to share financial information say with a designated third party upon request, or with say the POA’s brothers and sisters, so there is built in accountability, and everyone knows what the POA is doing with the parent’s money. 

If you wish to have our office help you avoid guardianship by preparing your estate planning documents in advance, including preparation of your will, financial POA, healthcare POA, and possibly a trust if appropriate for your situation, please contact us. You can rely on the lawyers at Gerhard & Gerhard, P.C.  to be on your side every step of the way.

 

Get Expert Legal Services From Gerhard & Gerhard, P.C.

Navigating the complexities of Power of Attorney law can be challenging, but you don’t have to do it alone. Gerhard & Gerhard, P.C. is here to provide expert legal advice tailored to your unique circumstances. Our experienced attorneys can help ensure that your interests are protected and you fully understand your options. Contact us today for a consultation and take the first step toward peace of mind in managing estate recovery matters.

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