What's in a Role?
If named as an agent under a POA, you’re essentially volunteering to act in the principal’s best interest. This could mean anything from managing their finances to overseeing business operations, depending on their health and needs. The time commitment? That depends on the complexity of the principal’s life—but it can range from simple household management
to intricate investment portfolio oversight.
Good News: Compensation is on the Table
A well-written POA allows for reasonable compensation and reimbursement for expenses incurred in the role. So, while the position might feel like a burden, estate planning balances the scales by ensuring agents aren’t left footing the bill.
Liability? (Most Likely) Not Your
Problem
An agent isn’t responsible for the principal’s debts unless they personally guarantee payments or misuse funds. Simply put, acting as an agent doesn’t mean you inherit financial liabilities.
