Power of attorney question | TigerDroppings.com

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darbour21
LSU Fan
baton rouge
Member since Jan 2006
1916 posts

Power of attorney question



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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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
7013 posts

re: Power of attorney question


Mitt Romney problems.





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TortiousTiger
Baton Rouge
Member since Jan 2007
12667 posts

re: Power of attorney question


"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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darbour21
LSU Fan
baton rouge
Member since Jan 2006
1916 posts

re: Power of attorney question


Once my grandfather passes. How does it affect the family estate?
Does it depend on how it is set up?






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DanglingFury
VCU Fan
Living the dream
Member since Dec 2007
17954 posts

re: Power of attorney question


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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braindeadboxer
LSU Fan
Utopia
Member since Nov 2011
5015 posts

re: Power of attorney question


quote:

DanglingFury


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






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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22597 posts

re: Power of attorney question


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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darbour21
LSU Fan
baton rouge
Member since Jan 2006
1916 posts

re: Power of attorney question


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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TortiousTiger
Baton Rouge
Member since Jan 2007
12667 posts

re: Power of attorney question


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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tigerrocket
LSU Fan
Member since Aug 2008
90 posts

re: Power of attorney question


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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darbour21
LSU Fan
baton rouge
Member since Jan 2006
1916 posts

re: Power of attorney question


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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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
299646 posts

re: Power of attorney question


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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matthew25
Ole Miss Fan
Member since Jun 2012
3489 posts

re: Power of attorney question


Does your mother have a copy of the will?





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Motorboat
LSU Fan
At the camp
Member since Oct 2007
10906 posts
 Online 

re: Power of attorney question


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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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11643 posts

re: Power of attorney question


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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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22597 posts

re: Power of attorney question


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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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
83618 posts

re: Power of attorney question


The power of attorney terminates at the time of the grantor's death.





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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16991 posts

re: Power of attorney question


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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wrlakers
LSU Fan
Dallas
Member since Sep 2007
4541 posts

re: Power of attorney question


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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Putty
LSU Fan
Member since Oct 2003
21401 posts

re: Power of attorney question


quote:

darbour21


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






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