Have you been officially asked to manage someone else’s money? For example, have you been named as an agent under a power of attorney or a trustee of a trust? As our society ages, more and more people are being asked to take on these roles, but they can be daunting.
In order to help, the U.S. Consumer Financial Protection Bureau has published four free guides; under the general title Managing Someone Else’s Money. The guides are designed for (1) agents under a power of attorney, (2) court-appointed guardians, (3) trustees of a trust, and (4) people appointed to manage someone else’s government benefit checks, such as Social Security and Veterans.
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On July 2, 2014, Pennsylvania Gov. Tom Corbett signed into law Act 95 of 2014 which makes substantial changes to Pennsylvania’s power of attorney law.
A power of attorney (POA) is a document which gives you the authority to appoint an agent to make both financial and health care decisions on your behalf if you become disabled or incapacitated. It is a very important legal document.
Under the new law, when you prepare your POA, it must be witnessed by two individuals and notarized.
Additionally, there are changes to the current notice and acknowledgment pages. As the person making the POA, you sign the notice page. The notice page informs you of the broad powers you are giving to your agent. The acknowledgment page must be signed by your agent before he or she uses the power of attorney. By signing, your agent agrees to act in your best interests, in good faith, and only within the scope of authority given the agent in the POA.
Continue Reading Pennsylvania’s New Power of Attorney Law