Powers of Attorney
What Is A Power Of Attorney?
A power of attorney gives legal rights and powers to someone who will act on your behalf in financial, business, or other matters when you cannot act for yourself.
What Can Someone Holding Power Of Attorney Do?
They can do virtually everything you can do, legally and financially. This includes selling real estate, trading stocks, withdrawing money from bank accounts, signing tax documents, paying bills, cashing checks, giving gifts, etc. They must, however, at all times act in your best interest, in accordance with what they reasonably believe you would want, and within the confines of the Power of Attorney. In Pennsylvania, the person receiving a power of attorney is now called an "Agent".
Can the holder of a power of attorney be held liable for his or her actions?
Yes, but only if the person acts with willful misconduct or gross negligence. If the individual keeps your best interests in mind, he or she will not incur any liability.