Legal Question in Wills and Trusts in New Jersey
Power of Attorney
If I accept power of attorney for my brother do I become legally responsible for his debts? Can creditors come after my assets?
2 Answers from Attorneys
Re: Power of Attorney
No. Simply acting under a power of attorney does not make you personally liable for your brother's debts. In particular if the debts pre-dated your appointment under the POA.
Re: Power of Attorney
No, as the "Attorney In Fact" under a Power of Attorney, you are not responsible for your brother's debts. You must sign all checks and obligations with your Brothers's name and "Your Name, Attorney In Fact." Also, you have a Fiduciary obligation to your brother and his heirs to spend the money for his benefit and to account to him. You should have an attorney advise you and your brother as to the best course of action. Depending on the circumstances, a Trust or Family LLC may be more appropriate.
I Hope this helps!
Ron Cappuccio
www.SaveYourEstate.com
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