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Rights of Person Holding a Power of Attorney?

Does a POA give me the right to go and remove money if my dad askes me so?

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Bronze Answer Medal for All Time! 220 Answers
July 23, 20160 found this helpful

A POA usually addresses medical and financial issues. You can remove money as your father requests. Note, however, that you, as POA, must eventually be able to support every penny transferred, spent, etc., of your father's money, stocks, etc. If possible, have your father complete a brief note regarding his request and have him sign and date the note.

Eventually, your father may not be able to document his requests or you need to make financial changes yourself. Be certain to document each financial action with receipts, copies of bills and payments, etc.

 
July 26, 20160 found this helpful

@DCA: How far back do you have to keep documentation for accounting purposes? I have been PoA for my mother since 2004 and had to place my mother in a nursing home 13 months ago; she is 90 and has fairly substantial assets. Since then, due to the 5-year Medicaid lookback period, I have discarded all records that go beyond 5 years, and have been doing so on a monthly basis (for example, this month (July 2016) I discarded records from June, 2011).

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Do I need to hold onto everything, no matter how old it is?

 

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