Does acting as POA for a person suffering from Alzheimers disease offer any payment from the estate when said person passes?
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Does acting as POA for a person suffering from Alzheimers disease offer any payment from the estate when said person passes?
My husband is considering handling the estate of his uncles widow. Would he be entitled to a share of the estate when the widow dies? She resides in a nursing home. There is no Will but the widow does have a living mother and brother, both estranged.This will be an enormous task involving the
sale of a home other assets.
Asked on April 27, 2018 under Estate Planning, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Being an attorney-in-fact or agent (those are the terms for the person given power by a POA) is something that ends when the person granting the power dies; that is, the POA expires when the person who created it expires. So the POA has no relevance here.
If you husband is named as the executor of the estate by the will, or appointed the administrator of the estate by court if there is no will (the term "personal representative" may be used, too), then he would be entitled to compensation. In your state (New Jersey), the executor of an estate may receive a portion of the "corpus," or body or principal, of the estate: 5% of the first $200,000 of value; 3.5% of all amounts from $200,001 to $1,000,000; and 2% of amounts over 2%. He may also get a commission on any income earned by the estate (such as if it has any rental or income properties) while he is executor.
But again: he has to be appointed to the role by a will or by a court:he does not become executor due to the POA.
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