power of atty

[bhw]

What is the name of your state?WI My wife is considering assuming(?) "power of attorney" duties for an elderly friend. The only question right now is whether that would obligate her(us) for any financial debts the friend might be unable to pay. The friend is NOT a relative of either of us & is nearly broke. Thanks for any help!

 

[freespeech]

The two of you personally, no.

 

[BlondiePB]

What is the name of your state?WI My wife is considering assuming(?) "power of attorney" duties for an elderly friend. The only question right now is whether that would obligate her(us) for any financial debts the friend might be unable to pay. The friend is NOT a relative of either of us & is nearly broke. Thanks for any help!

The current and future debts of the grantor (elderly friend) will not become your wife's (agent) or your's (in community property state) UNLESS your wife signs documents making herself the guarantor of those debts. She needs to sign things propertly (name, POA for "name of grantor"). If this lady has debt problems, the debtors can call the POA.

The agent (your wife) needs to keep very good records and take care of this lady's money better than her own. She should be able to stand in front of a judge and be able to account for every penny of this lady's money. Check your state statutes for laws governing Power Of Attorney, and a consult with an attorney would also be well worth the investment. Lastly, a person with dementia cannot sign a POA.