Power of attorney question
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Power of attorney question
Posted by darbour21 on 10/2 at 7:45 pm
So I have a grandfather who is farely rich. (25-40 million net worth)
He has two children. My uncle and my mother.
My uncle has power of attorney.....
What kind of problems could this present for my mother after my grandparents are gone?
Any other info is appreciate as I am clueless in this realm



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Posted by Layabout on 10/2 at 8:10 pm to darbour21
Mitt Romney problems.


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Posted by TortiousTiger on 10/2 at 8:29 pm to darbour21
"power of attorney" is pretty vague.

in any event, the uncle has to be a proper fiduciary in his dealings as your grandfather's agent.




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Posted by darbour21 on 10/2 at 8:34 pm to TortiousTiger
Once my grandfather passes. How does it affect the family estate?
Does it depend on how it is set up?



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Posted by DanglingFury on 10/2 at 8:51 pm to darbour21
are you talking about "executor" of the estate?

I thought Power of Attorney, whether financial or health care, only becomes effective in the grandfather's incapacity while he is alive and unable to handle his affairs. the power expires when he dies. i could be wrong.



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Posted by braindeadboxer on 10/2 at 8:58 pm to DanglingFury
quote:

DanglingFury


I'm pretty sure this is correct for LA. It may vary state to state.



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Posted by rmc on 10/2 at 9:03 pm to braindeadboxer
POA's are generally effective as soon as they are executed. You can execute a springing power of attorney that 'springs' whenever certain conditions are met, such as incapacity. Although, defining what incapacity is, and who is to make that call need to be done with care.

As to the OPs question -- it depends on how the POA is styled. Is it limited? general? If it's general, your uncle can generally do as he wishes from a practical stand point. There are some things agents cannot do -- such as execute a will on behalf of the principal. As someone stated earlier, the agent will generally be liable for any acts he commits that are later deemed to be grossly negligent.

The OP poses somewhat of a loaded question...



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Posted by darbour21 on 10/2 at 9:13 pm to rmc
I think I got it.
He has power of attorney once my grandfather (who is great mental standing) can't make decisions.
I need to look into exectutator (sp?) of estate to see how that correlates.
My mom has no clue and doesn't care, I just want to make sure it is fair.



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Posted by TortiousTiger on 10/2 at 9:39 pm to darbour21
quote:

Once my grandfather passes. How does it affect the family estate?


no. A POA simply appoints an agent. Once the individual dies, the POA dies with him.

He might have a testamentary document which appoints the uncle curator or something.

It seems as though the uncle is trusted by the grandfather and by your mother. What's the problem?



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Posted by tigerrocket on 10/2 at 9:45 pm to darbour21
No problems at all once they are gone POA can only be used while yorur grandfather is alive. It is null and void once he dies.


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Posted by darbour21 on 10/2 at 9:59 pm to TortiousTiger
It's not done that way due to trust or not trust. My mother just has never worried about those things and has zero clue what any of it means and just assumes it will be all fair. I want to make sure for her that it will be and look out for her (which is also mine selfishly) best interest. The uncle is trustworthy
Just that when people get that many millions people start acting out of character.



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Posted by SlowFlowPro on 10/2 at 10:03 pm to darbour21
quote:

What kind of problems could this present for my mother after my grandparents are gone?

well your worries are when they're alive, b/c the power of a POA ends with death of the principal



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Posted by matthew25 on 10/3 at 12:46 am to SlowFlowPro
Does your mother have a copy of the will?


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Posted by Motorboat on 10/3 at 7:19 am to darbour21
quote:

Power of attorney


didnt't read whole thread. POA is only in effect during GF's life. Once he dead, his will will control.



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Posted by VABuckeye on 10/3 at 8:24 am to darbour21
quote:

My mom has no clue and doesn't care, I just want to make sure it is fair.


If he has a will (and I'd be shocked if he doesn't) then fair is not what it is about. It is about his wishes in his last will and testament.



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Posted by rmc on 10/3 at 8:39 am to VABuckeye
quote:

If he has a will (and I'd be shocked if he doesn't) then fair is not what it is about.


If he doesn't have a will and he is worth tens of millions, the federal government will be sure to rake him over the coals.

I think your mother needs to approach your uncle and grandfather about the subject and just ask them to update her on your grandfather's estate planning situation. Ultimately it is not really her business. It just depends on the family dynamics how you broach the subject in a way that doesn't set off someone. If your uncle is trustworthy, and if he and your grandfather have any sense, they will have had some estate planning to work around inheritance tax laws.



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Posted by LSURussian on 10/3 at 9:26 am to darbour21
The power of attorney terminates at the time of the grantor's death.


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Posted by TheHiddenFlask on 10/3 at 9:42 am to darbour21
quote:

So I have a grandfather who is farely rich


And he couldn't send you to a good school?





j/k

I think their should be some concern about what he could do with POA before death. I'll let the lawyers on the board handle that, though.



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Posted by wrlakers on 10/3 at 12:59 pm to darbour21
quote:

My mom has no clue and doesn't care, I just want to make sure it is fair.


It doesn't matter whether you care or not. It's not your money and your mother has no right to expect anything from her father.

Your grandfather
quote:

who is great mental standing
sounds like he knows what he's doing. It would be nice for your mother if he leaves her something, but if he doesn't, that's just too bad.



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Posted by Putty on 10/3 at 1:03 pm to darbour21
quote:

darbour21


depends on what state they live in and whether your grandfather has a will.



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