If I become someone’s power of attorney, am I responsible for paying any debt they may have or incur?
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If I become someone’s power of attorney, am I responsible for paying any debt they may have or incur?
Asked on February 20, 2012 under Estate Planning, Oklahoma
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
What I think that you mean here is are you personally responsible for the debts of the principal (the person for whom you are appointed as attorney-in-fact)? No, you are not. Deoending on the type of POA - general, specific purpose, etc. - you are responsible to administer to their affairs with their resources. It is, though, a fiduciary position and you need to administer the duties carefully. Good luck.
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