Power inherent in a POA??

[Doreen E]

What is the name of your state? CA

I have been reading some of the POA posts and am getting the impression that the POA can pretty much do anything he or she wants to do, and that a will only is valid upon one's death.

Am I to assume that a POA could allocate assets (not real property in this case) to other alternate POAs, and change the whole financial structure of a portfolio of assets? Does the POA have the power to, in essence, distribute funds as s/he sees fit? The POA in my situation will be selling my parents' property, with their consent, and this will then be invested in other financial instruments. Is it possible, if the POA and alternate POAs wanted to cut me out completely, this could happen? The POAs signed are broad and sweeping , take complete control of the estate, and take effect immediately. Even though I had to fight to be included as an alternate, could I still be looking at being edged out?

This animosity goes back YEARS. Half of me wants to walk away from the whole darn thing and forget about seeing a cent of the estate. The other half of me refuses to not do my due diligence as things move forward. Maybe I am completely over-reacting here, but I think I have cause for concern. Just a gut instinct.

Thanks,
Doreen

 

[BlondiePB]

What is the name of your state? CA

I have been reading some of the POA posts and am getting the impression that the POA can pretty much do anything he or she wants to do, and that a will only is valid upon one's death.
** That is correct. And, POA powers end at time of death.

Am I to assume that a POA could allocate assets (not real property in this case) to other alternate POAs, and change the whole financial structure of a portfolio of assets? Does the POA have the power to, in essence, distribute funds as s/he sees fit?
** Yes and Yes.

The POA in my situation will be selling my parents' property, with their consent, and this will then be invested in other financial instruments. Is it possible, if the POA and alternate POAs wanted to cut me out completely, this could happen?
** Yes. POA(s) can also sell your parents' property without your parents' consent.

The POAs signed are broad and sweeping , take complete control of the estate, and take effect immediately. Even though I had to fight to be included as an alternate, could I still be looking at being edged out?
** If POA specifies that alternates' signatures are not required, yes you could be edged out.

This animosity goes back YEARS. Half of me wants to walk away from the whole darn thing and forget about seeing a cent of the estate. The other half of me refuses to not do my due diligence as things move forward.
**That choice is completely up to you.

Maybe I am completely over-reacting here, but I think I have cause for concern. Just a gut instinct.
** Trust your instincts.

Thanks,
Doreen

**You're welcome. Now, there's one really, really BIG problem. Your father, who has Alzheimers, signed a POA. Since you've been reading the posts, you haven't come across the problem with a person with Alzheimers signing a POA?