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.

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.

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...

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?

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

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.

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.

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.