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What am I entitled to as POA and executor?

As the sole caregiver and poa executor of will am I entitled to a percentage of the estate?
Status: Open    Mar 10, 2015 - 10:51 AM

Finance, Elder Law

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Aug 05, 2015 - 08:59 AM

You are not entitled to any sort of compensation, solely because you serve as attorney-in-fact for someone (via a power of attorney) or as executor under a Last Will & Testament. You should look at the written terms and provisions of the document appointing you (the POA, the will, etc.) to see what sort of compensation, if any, the legal document gives you the right to claim. Many legal documents will provide that a fiduciary or agent appointed thereby may charge some sort of fee for their time. You can generally claim reimbursement for any expenses you have made out of pocket, but here is the thing:

BE CAREFUL. If you are serving as someone’s fiduciary, the last thing you need to do is start paying yourself out of their estate or their funds. Regardless of how rightful you think you are in charging a fee to the person or their estate or in reimbursing yourself for amounts you have “forwarded” or “advanced,” you should never just write yourself a check or take money or pay yourself. Instead, before you take a fee or even a reimbursement as a fiduciary, you should always request permission and approval of your fee/expense request from the Court before you take it. Not doing so is certainly a mine field.

Aug 06, 2015 - 07:41 AM

The documents themselves define the specific powers conferred. While the individual is still living, the language of the power of attorney determines what authority is granted. Upon the death of the individual, the terms of the will guide the actions of the executor, and the power of attorney is no longer effective.

The power of attorney identifies both broad and specific grants of authority that a designated individual (known as the attorney in fact) may assert on behalf of the principal. Typically the document includes authority with respect to financial responsibility and, in some cases, authority to make health care decisions as well.

Upon the death of the testator (the individual who signed the will), the executor of an estate is obliged to identify the assets and liabilities of an estate, gather the assets into an account specifically titled as an estate account, pay the creditors {including taxes on the estate, if any) and distribute the proceeds in accordance with the will.

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Apr 03, 2015 - 01:49 AM

If you haven't done so already it would be wise to learn the duties involved with each position. If you have access to a computer search what is the job of a POA, and the same for executor. There should be a trust (legal) papers showing you were named. If your named in the will to receive any part of the estate that's what you receive. and if not then no. Make sure everything is current.

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