Can a Powers Of Attorney take Money?

When you give someone the Powers Of Attorney to complete the tasks on your behalf, you make that person your agent, and you have the same legal right in his actions as if you had taken those actions. For example, if you authorize your agent to access your bank accounts, then they can take money from that account. However, your agent's legal duty is to work in your interests, so he cannot use the money for his benefit.

Types of Powers Of Attorney

The Powers Of Attorney that give your agent financial rights can be general or limited. A general Powers Of Attorney gives your agent comprehensive authority to do many things on your behalf. A limited Powers Of Attorney gives your agent the power to do one or two limited things for you. For example, you can give your agent the power to access a specific bank account or all your accounts. Regardless of the type of Powers Of Attorney, your agent has the responsibility to work in your best interest.

Authority

Your agent is not allowed to exercise beyond the authority - financial or otherwise - in your Powers Of Attorney document. If you do not give him the right to take money, then he cannot do it. If you have given him the right to take money, then he should take money only for your benefit, not for himself.

Expenditure

Agents are usually allowed to reimburse themselves - or receive reimbursement on your behalf - while working on your behalf, they will be able to get out-of-pocket expenses. These expenses should generally be considered fair, and you can keep a limit on the amount or type of expenses for which your agent can get reimbursement. You may need to provide proof of expense to your agent, such as receipts.

Abuse of Authority

If your agent has acted outside your authority or on your behalf, then you can withdraw the Powers Of Attorney, so that your right will have to work for you; you may be able to sue the agent for recovering any money you have taken. If you suspect that an agent is stealing a principal from the principal under the power of attorney and is stealing it, you may want to file a lawsuit from the Principal. Occasionally, misuse of an agent's right can lead to crime, such as forgery, jealousy, or fraud.

Jackson & Associates is your choice to assist with your Powers Of Attorney and answer any questions you may have about the operation of these documents.

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