Managing Parents Finances Legally

Summary

As a POA in Georgia, you must act in the principals best interest, keeping accurate records and avoiding misuse of funds. Misuse can lead to civil liability, criminal charges, and revocation of POA status. If the principal has dementia, informed consent is crucial. Joint ownership of a bank account and broad POA powers generally allow transactions for their care. Always consult a local attorney for personalized advice.

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Im not using personal benifit. I live in the same home with them to take care of them
It seems like you're in a tricky situation. For a more precise answer, may I know in which jurisdiction you are located? Laws vary depending on location.
Georgai
In Georgia, as a POA, you must:
- Act in good faith
- Not overreach your authority
- Keep accurate records of transactions
Misuse of funds can lead to legal consequences. If your actions are solely for their care, you may be justified. Consult a local attorney for specifics.
Legal consequences as in what
In Georgia, misuse of POA can lead to:
- Civil liability for any damages caused
- Criminal charges such as fraud or theft
- Possible revocation of your POA status
Always consult a local attorney for more specific advice.
What is an example of fruad of theft
An example of fraud or theft could be:
- Fraud: Misrepresenting or lying about where the principal's money is being used.
- Theft: Taking the principal's money for personal use without their knowledge or consent.
They are aware i am taking care of them though
If they're aware and consent to you using their funds for your sustenance while caring for them, it may be permissible. However, keep detailed records. It's best to consult a local attorney to ensure compliance with Georgia law.
They have dementia though
If they have dementia and can't provide informed consent, it's crucial to consult a legal professional. Are their wishes documented in the POA or another legal document? This can provide guidance on how to proceed.
Yes poa says can do everything. Also joint owner bank
In Georgia, if the POA document grants you broad powers and you have joint ownership of the bank account, it generally allows transactions for their care. However, given their dementia, you should consider seeking a conservatorship. Always consult a local attorney.
So would me taking care of them jusify it they pay rent so we can live in together
If they're paying rent for a shared living situation that enables you to provide necessary care, it may be justified. Keep clear records of all transactions. Consulting a local attorney can provide more personalized advice based on Georgia law.
If i have poa i can use and manage the funds regardless thouvh right
As a POA in Georgia, you can manage funds, but it should be in the best interest of the principal. Misuse can lead to legal consequences. Consult a local attorney for personalized advice.