I am the POA. As we lived, my dad and I, I spent money on his behalf. My dad and I made agreements about how much money I should pay for something or that he wanted to buy me something. For instance we agreed that he would pay all expenses for the car since I had to drive him everywhere and shop for him. How detailed to my explanations have to be. I didn't keep any records. I don't ever keep records for my money either. None of my brothers asked to help. One refused to help with finances when I asked him.
Here is an excerpt from the Colorado Barr Assoc website: Can the principal or a court hold me liable for my actions as agent?
As an agent, you are managing the assets and finances of the principal, and are under review at any time. As stated earlier, maintaining supporting documentation and records of all transactions is important in the event the individuals list below petition the court to review your conduct as an agent:
1. The principal and you as agent
2. A guardian or conservator
3. Someone authorized to make healthcare decisions for the principal
4. The principal’s spouse, parent or descendant
5. An heir of the principal
6. A beneficiary of the principal or of a trust created by the principal
7. A governmental agency with regulatory authority to protect the welfare of the principal
8. The principal’s caregiver or another person with demonstrated interest in the welfare of the Principal
9. A person asked to accept the power of attorney
Can the principal or a court hold me liable for my actions as agent?
An agent is a “fiduciary,” which means the agent must act with the highest degree of good faith on behalf of the principal, and the agent can be held liable in court for breach of fiduciary duty. As agent, you must follow the lawful instructions given by the principal. If the principal’s wishes are not specific, you should do what is in the best interests of the principal. As agent, you must act in accordance with the principal’s best interests, not your interests.
When you are an agent under a Financial Power of Attorney, the law holds you to the “prudent person rule,” which means that you must exercise “due care” and manage the principal’s funds not as if they were your funds, but with the care needed for managing the funds of another. As agent, you should avoid specula¬tive investments, even if you would be willing to take more risk with your personal funds. If an agent fails to act in accordance with these standards, or in the principal’s best interests, the agent can be held liable for his or her actions.
If you have credit cards that are online, print them out & make notations while you still remember. Anything you have records of will only serve to help you. People turn really nasty when money is involved. Sad, but true.
Also, how did the POA get drawn up? - Because all of this ought to have been properly explained to you before you agreed to act. But it's no good telling you "I wouldn't start from here" - get as much as you can together now. It's good that you used cards because at least there'll be a record of every transaction stored by the companies. Good luck, get advice and don't panic xxx
If you're a private ordinary citizen and not acting in some professional capacity, I dare say any audit would cut you some slack if you've lost the odd receipt; but the better the records you keep the greater your peace of mind will be. If you've made a real hash of it you will be in serious trouble and need professional advice. Worst case scenario, I suppose - any experts out there? - we could be talking about fraud charges.