What are the liabilities of being a power of attorney?

While you aren't financial liable, as the attorney-in-fact, you're still the point of contact for the principal's debts. Creditors have a right to attempt to collect the funds that are owed. They don't, however, have a right to harass you.

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Indiana General Durable Power of Attorney for Property and Finances or...

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Q: What are the liabilities of being a power of attorney?

While you aren&#039;t financial liable, as the attorney-in-fact, you&#039;re still the point of contact for the principal&#039;s debts. Creditors have a right to attempt to collect the funds that are owed. They don&#039;t, however, have a right to harass you.

Category:

Power of Attorney - General

State:

Indiana

Control #:

IN-P003A

Format:

Instant download

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Description

The General Durable Power of Attorney form is a crucial legal document that enables a Principal to grant broad powers to an appointed Agent, effective even if the Principal becomes disabled or incompetent. It serves as a protective measure, allowing the Agent to manage the Principal's financial and property matters, ensuring continuity of care and control. Key features include the ability to handle banking, manage property, recover debts, and execute contracts on behalf of the Principal. Filling out the form can easily be done on a computer by clicking highlighted fields, which can then be printed for execution. For attorneys, partners, and legal assistants, the form can streamline client affairs, especially in instances where the Principal's health may decline. Paralegals and associates will find it useful for quickly drafting essential documents for clients. The form explicitly excludes medical decision-making powers, allowing users to create a separate document for those purposes. This flexibility makes the Power of Attorney a vital tool in estate planning and financial management.

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How to fill out Indiana General Durable Power Of Attorney For Property And Finances Or Financial Effective Immediately?

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Power of Attorney and Living Will / Health Care Directive

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FAQ

A Power of Attorney Could Leave You Vulnerable to Abuse Often, this does not happen ? at least not unless or until abuse of power becomes egregious. Because of the potential that an agent could take advantage of you or steal from you, it is very important that you select the right person to act as your agent.

While you aren't financial liable, as the attorney-in-fact, you're still the point of contact for the principal's debts. Creditors have a right to attempt to collect the funds that are owed. They don't, however, have a right to harass you.

The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.

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General Durable Power of Attorney for Property and Finances or Financial Effective Immediately

Power of Attorney and Health Care - General - Indiana

Indiana Code Section 30-5-3-3.

(a) Except as provided in subsection (b), an attorney in fact may act under a power of attorney without recording the power of attorney with the county recorder.
(b) An attorney in fact shall record the power of attorney authorizing the execution of a document that must be recorded before presenting the document for recording.
(c) A county recorder may not accept a document for recording if the document:
(1) was executed; and
(2) is presented; by an attorney in fact whose power of attorney is unrecorded.
(d) A document creating a power of attorney must comply with recording requirements, including notary and preparation statements, to be recorded under this section.
(e) A document that is presented by an attorney in fact for recording must reference the book and page or instrument number where the instrument creating the power of attorney is recorded before the document may be presented by the attorney in fact.

Indiana Code Section 30-5-4-1:

To be valid, a power of attorney must meet the following conditions:

(1) Be in writing.
(2) Name an attorney in fact.
(3) Give the attorney in fact the power to act on behalf of the principal.
(4) Be signed by the principal in the presence of a notary public.

Indiana Code Section 30-5-4-2:

(a) Except as provided in subsection (b), a power of attorney is effective on the date the power of attorney is signed by the principal.
(b) A power of attorney may:
(1) specify the date on which the power will become effective; or
(2) become effective upon the occurrence of an event.

Indiana Code Section 30-5-4-3:

(a) Except as otherwise stated in the power of attorney, if more than one (1) attorney in fact is named, each attorney in fact may act independently of the other attorney in fact in the exercise of a power or duty.
(b) Except as otherwise stated in the power of attorney, if:
(1) more than one (1) attorney in fact is named; and
(2) one (1) attorney in fact fails to serve or ceases to serve; the remaining attorney in fact may continue to act under the power of attorney without a successor for the attorney in fact who failed to serve or ceased to serve.

Indiana Code Section 30-5-4-4:

(a) Except as stated otherwise in the power of attorney, an attorney in fact fails to serve or ceases to serve when:
(1) the attorney in fact dies;
(2) the attorney in fact resigns;
(3) the attorney in fact is adjudged incapacitated by a court;
(4) the attorney in fact cannot be located upon reasonable inquiry;
(5) the attorney in fact, if at one time the principal's spouse, legally is no longer the principal's spouse; or
(6) a physician familiar with the condition of the current attorney in fact certifies in writing to the immediate successor attorney in fact that the current attorney in fact is unable to transact a significant part of the business required under the power of attorney.
(b) Except as stated otherwise in the power of attorney, if the replaced attorney in fact reappears or is subsequently able to transact business, the successor attorney in fact shall remain as the attorney in fact.
(c) Except as otherwise stated in the power of attorney, an attorney in fact designated as a successor has the powers granted under the power of attorney to the original attorney in fact.</blockquote>

Indiana Code Section 30-5-4-5:

(a) Except as stated otherwise in the power of attorney, an attorney in fact is entitled to reimbursement of all reasonable expenses advanced by the attorney in fact on behalf of the principal.
(b) Except as otherwise stated in the power of attorney, an attorney in fact is entitled to a reasonable fee for services rendered. The attorney in fact shall, not later than twelve (12) months after the date the service is rendered, notify the principal in writing of the amount claimed as compensation for rendering the service.

General Durable Power of Attorney for Property and Finances or Financial Effective Immediately

Power of Attorney and Health Care - General - Indiana

Indiana Code Section 30-5-3-3.

Indiana Code Section 30-5-4-1:

To be valid, a power of attorney must meet the following conditions:

(1) Be in writing.
(2) Name an attorney in fact.
(3) Give the attorney in fact the power to act on behalf of the principal.
(4) Be signed by the principal in the presence of a notary public.

Indiana Code Section 30-5-4-2:

Indiana Code Section 30-5-4-3:

Indiana Code Section 30-5-4-4:

Indiana Code Section 30-5-4-5:

Power Of Attorney Use

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Trusted and secure by over 3 million people of the world’s leading companies

Power Of Attorney Use

Description

Related forms

Viewed forms

How to fill out Indiana General Durable Power Of Attorney For Property And Finances Or Financial Effective Immediately?

Power of Attorney and Living Will / Health Care Directive

Form popularity

FAQ

Which is a key disadvantage of a power of attorney?

What are the liabilities of being a power of attorney?

What three decisions Cannot be made by a legal power of attorney?

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