5 Things You Should Know When Acting Under A Power Of Attorney For Property

If you have been appointed as the power of attorney for the person who is now incapable of taking care of his property and personal assets, then you should abide by the rules and take up your duties. Here, are the few things that you need to keep in mind when acting under as a power of attorney for property.

1. The Scope OF The Attorneyship

When a granter provides the attorney with full responsibilities of his property and personal assets, this means that the attorney gets the power of taking any decision regarding the property as well as can be a part of the financial decision making. However, taking a decision on the Will of the granter is not allowed

2. Duties Involved

An attorney is known to be a fiduciary to the granter; this requires the attorney to work in the good faith of the person who has given him the rights. The decisions made should be considered to be of the best interests of the incapable. He needs to be diligent with the duty and think of the responsibilities as one of his.

3. Compensation

It is important to know that being an attorney of a property entitles you to a reasonable compensation that is fixed by a Regulation to the Substitute Decisions Act. A compensated attorney is considered to be of a higher level than a non-compensated attorney.

4. Be Effective

Before taking your responsibilities to act as an attorney to the property of the incapable person, he/she should carefully read the Power Of Attorney. If unclear of any point stated in it, consulting the lawyer will be a great idea. Thus, in order to act effective, it is important to note that the granter has not assigned any other attorney to fulfill his responsibilities.

5. Resignation Option

The task of an attorney is not that simple. Sometimes, a person might not want to act as an attorney, so in this case, obtaining legal assistance to resign from this position is recommended. Following these tips, an attorney can carry out his duties and responsibilities on behalf of the granter.

Victor Opara