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Old 03-14-2016, 11:04 PM
yourself yourself is offline

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A POA is a great instrument for people and everybody should have one. It's only valid when you are not able to act for yourself and is a common tool to allow spouses to act when they're in prison, when they're being deployed overseas, when they are going through a health crisis, or any other time when they cannot act for themselves.

The person holding the POA has a fiduciary duty to the person who executed the POA. This means that they have to put the needs of the other person above their own needs. So, if a guy's got $10K in the bank and wants to have a shiny new truck sitting in the driveway waiting for his arrival home, then the person with the POA is responsible for converting that $10K into a new truck. The person with the POA is not responsible for paying another $15K or more out of his/her own pocket to get seat warmers and every other bell and whistle available. The person holding the POA is not responsible for personally paying the debts of the person who executed the POA. The person holding the POA is responsible for paying those debts from the accounts of the person who executed the POA. So, as long as you act responsibly, adhering to your fiduciary duty, you're not going to be on the hook for the debts of the other, nor are you going to face court for mismanaging his funds. Go out and buy yourself a mink coat with his funds and you're going to have problems (you yourself, not me yourself - I'm not all PETA, but I do find furs revolting. Yes, I wear leather shoes and eat meat, so there's that, but we're getting off track).

There's what's known as a Limited POA (LPOA) which is a POA executed for a specific purpose. So, if all he wants is for you to open up a bank account for him, a LPOA will do the trick to give you the power to do that.

2 years out is a long time to have a bank account, presumably with somebody else's money sitting there for the duration. Giving him your funds may be problematic in the future as well as you'll need to keep your finances completely separate from his or the government may come a-calling for restitution, and take from money you've earned. Co-mingling funds is a bad idea.

You should note that every state has different POA forms and LPOA forms. Generally, they are found in the state statutes and you can cut and paste into your word processing program for free. Do NOT use a POA form from a different state - every state is slightly to completely different from all others in the powers granted by a POA. Use your own state's POA forms.

I'd also use a bank where you're known. It'll be easier to set things up when the time is right if you are known.
The Following 3 Users Say Thank You to yourself For This Useful Post:
blondrollergirl (11-03-2016), Najeli (11-02-2017), Wife Concerned (10-24-2017)
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