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I know I can ask the attorney this but I was curious about all of your experiences.


What kind of responsibilities/what am I able to do as my grandmother's financial power of attorney? Just curious what you all have experienced.

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Kbelreivins: I basically had no choice to take on DPOA for my mother since I was the one who had to live with her to provide care.
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I was financial for my daddy. When I was put on his accounts my name was second because the account holder is responsible to the IRS for taxes. So make sure your name is second on the account. Online set up was super easy, I could pay bills, transfer money, inquire about the account in person.
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I became a court appointed guardian and conservator for my mom. It took a bit of time to set up accounts and provide paperwork to banks and I kept records. investors. I set up online accounts and changed mailing addresses. After a few months, it took me less than 30 minutes each week...A little longer to bring paperwork for a tax preparer.
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I am assuming that the person is no longer going to manage their own things at all, because TWO people managing things is always a mess. I would NEVER agree to do it that way.

It's a hard job. I did it. You will be responsible to get a good document and it will tell what you can do. You will register your POA with every entity that your senior has any bills, banking, savings, investments, utilities, tax obligations, with including their insurance companies. You will provide each with your POA documents as they require. You may need to change mail to come to you.
You check with all banks how to be added as POA and let them know you are the person to be paying bills with the account.
Ask them about signing procedures. It is usually "principle's name" followed by " by your name as POA".
I provided a small personal spending account to my brother.
You will manage all investments and pay all bills.

AND MOST OF ALL you will keep meticulous records, a copy going to your senior monthly for their ring binder, if they have any interest (my brother did) and a copy for your files.
You will keep all receipts and proof of payments in each seperate file. They will be for instance files for
US Bank
Spectrum Phone Company
United Health Insurance
Hospital Bills
and you name it.
GET A BIG FILE BOX. You will need it.

I also kept a daily diary. Composition binder no tear outs and only strikethroughs for errors is what a court will accept. What was paid and by what check number. What CD came due and where it was. What illness and hospitalization happened. What diagnosis, doctor, phone contact. What entity I had to deal with (Spectrum was a nightmare).

I was also Trustee of Trust which is a different procedure and different files.
So you can imagine.
It is a big job. If there is any real property, or your principle was not meticulous himself in tax records and DMV registration and etc. then you are in a mess up to your eyeballs. If funds are needed YOU will have to decide what CD to tap, what investment.

For me this was one solid year of phone work and other work and a whole lot of copying, faxing and etc. It was anxiety ridden in the extreme. I wished over and over that we had allowed a trusted Licensed Fiduciary to do it. But it got done and in the end I was very proud of all my work.

I sure wish you the best.
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What you are empowered to do is written in the document itself so start by reading it thoroughly.

Then read when the FPoA is activated: springing or durable? Springing usually means 1 or 2 medical diagnoses of incapacity is first required. Durable usually means it is active as soon as the document was signed and properly notarized and completed per the rules of that state.

Ask the attorney what the best way is to sign documents as PoA so you don't have any financial responsibility.

Keep very accurate records and receipts. Make notes, etc.

Educate yourself as to what it takes for your charge to qualify for Medicaid. In most states the appliicatiion "look back" period is 5 years. Nothing can look like "gifting" and it varies by state so be sure to consult with the attorney or a Medicaid Planner for your charge's state.

Finally, it is not a good idea to get legal advice from a global and anonymous forum where there is no accountability... we are not lawyers and too much can be at stake.
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