If I become someone’s power of attorney, am I responsible for paying any debt they may have or incur?

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If I become someone’s power of attorney, am I responsible for paying any debt they may have or incur?

Asked on February 20, 2012 under Estate Planning, Oklahoma

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

What I think that you mean here is are you personally responsible for the debts of the principal (the person for whom you are appointed as attorney-in-fact)?  No, you are not.  Deoending on the type of POA - general, specific purpose, etc. - you are responsible to administer to their affairs with their resources.  It is, though, a fiduciary position and you need to administer the duties carefully.  Good luck. 


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