Even then, Rajnoha continues, complications can arise. “If a bank or other institution refuses to honor your power of attorney, you may need to seek legal advice,” she explains. “Occasionally we need to contact them and explain the real lawyer’s rights. In some cases, family members [also] You may have a problem with who was appointed and you need to be ready to justify the document you created. “
Ultimately, Rajnoha tries to downplay the fear of power of attorney and explains: “It is normal to feel anxious when you act for someone.”
However, she concludes with a number of salient caveats: “However, you have a fiduciary duty to make your financial decisions in a way that is in your best interests. If you are not up to this, you are not taking responsibility at all. Don’t make risky investments and keep clear records of every transaction you make on their behalf. If someone questions your decisions, you can keep a full set of books to prove that you were acting in their best interests. Never mix the principal’s funds with your own. “
In this regard, as already mentioned, there remains professional first-hand advice on all legal questions that concern or possibly concern legal nuances – whether power of attorney or something else.
West County Family Law, 1190 Meramec Station Road, Suite 203, Ballwin, 636-861-1111, westcountyfamilylaw.com
Get local news in your inbox!
Comments are closed.