What it Really Means to Be an Agent Under a Power of Attorney
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Q. My lifelong friend, Declan, has a family that has a history of early-onset Alzheimer’s. Declan is worried that he will get sick when he is still young and will not be able to pay his bills or make other decisions about his savings, his house, or his wishes when it comes to healthcare. Declan has an appointment at your office to sign a Financial Power of Attorney and Advance Medical Directive as
part of his estate planning and incapacity planning. He called me the other day and asked if he could name me as his agent and give me the power to make decisions about business, financial, and legal matters for him. Before I accept, can you provide information on what my duties would be as his agent? Thanks for your help!
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Critter Corner: How Much Should an Agent Under a Power of Attorney Be Paid?
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Both my parents signed Power of Attorney documents naming my sister as their financial agent. They now both have dementia and live in an assisted living facility. My sister wants to pay herself to do things like take them to the doctor, pick up their prescriptions, do some occasional shopping, and other caregiving tasks. She claims she spends 10 to 20 hours per week running these errands for them.
Should an agent under a power of attorney be compensated, and, if so, what is a reasonable amount?
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