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Can the agent of a financial power of attorney be paid?

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Question:

We are setting up a financial power of attorney for my mother, naming me as the agent. Can I be paid an hourly sum for my services, and can I participate in financial transactions that I conduct on my mother's behalf?

Answer:

You are quite right to separate your two questions. Whether you can be paid for your time and efforts is an entirely separate matter from whether you may benefit from transactions you conduct for your mom.

In the power of attorney document, your mother can specify that you should receive an hourly fee for any work you do that is authorized by the document. Then, for example, if you spend eight hours working on her taxes, you may draw from her assets to pay yourself according to the arrangement set out in the document.

The document may also allow you to benefit personally from transactions you conduct for your mom. This means you may, for example, arrange to sell her car for her and then buy it yourself -- for a price that's fair to her.

If the power of attorney doesn't specifically permit you to benefit from transactions -- and many do not -- be careful when you act. You can pay yourself according to the terms of the document (keeping careful track of your hours and wages), but you must avoid all other actions in your role as agent that may benefit you personally.

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Full Name is required
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By clicking "Find a Lawyer", you agree to the Martindale-Nolo Texting Terms. Martindale-Nolo and up to 5 participating attorneys may contact you on the number you provided for marketing purposes, discuss available services, etc. Messages may be sent using pre-recorded messages, auto-dialer or other automated technology. You are not required to provide consent as a condition of service. Attorneys have the option, but are not required, to send text messages to you. You will receive up to 2 messages per week from Martindale-Nolo. Frequency from attorney may vary. Message and data rates may apply. Your number will be held in accordance with our Privacy Policy.

You should not send any sensitive or confidential information through this site. Any information sent through this site does not create an attorney-client relationship and may not be treated as privileged or confidential. The lawyer or law firm you are contacting is not required to, and may choose not to, accept you as a client. The Internet is not necessarily secure and emails sent through this site could be intercepted or read by third parties.

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