Is it possible for two siblings to share power of attorney over their elderly parents’ finances?Answers to this question are no longer being accepted.Speculate with a new question.From a legal standpoint, it is possible for a person to designate many agents to act on their behalf.

1. My mother-in-law has appointed the three of us as agents, and each of us has the ability to act independently.

Can a power of attorney prevent a sibling from seeing a parent?

Access to the parent is granted. A financial power of attorney agent should not have the authority to prevent a sibling from seeing their parent. Medical power of attorney may grant the agent the authority to deny access to a parent if the agent believes the visit would be harmful to their health. This is known as the ″no-visit″ clause.

Can a parent give a power of attorney to only one child?

When a parent appoints just one kid as the agent under a power of attorney, it can lead to resentment and distrust between the children. Some considerations to bear in mind while dealing with a sibling who has been designated agent under a power of attorney, as well as when dealing with your own siblings who have been named agent under a power of attorney:

What are the risks of a power of attorney for elderly?

As Jeter points out, ″another concern that arises is that a child of an old parent may not comprehend that the will is still the parent’s decision and legal document.″ The POA might be declared invalid if a kid appears to be exerting undue influence on the decision-making process.

How do I choose a power of attorney for my parent?

It is extremely important to make the right selection when appointing a power of attorney. Because the agent will be acting on your parent’s behalf, it is essential that the agent is someone your parent trusts and feels comfortable with. It should also be someone who is prepared to discuss choices with you and your parent, as well as listen to their needs and desires.

Can a parent give a power of attorney to only one child?

When a parent appoints just one kid as the agent under a power of attorney, it can lead to resentment and distrust between the children. Some considerations to bear in mind while dealing with a sibling who has been designated agent under a power of attorney, as well as when dealing with your own siblings who have been named agent under a power of attorney:

How do I remove a power of attorney from a parent?

The parent should put the revocation in writing and notify the previous agent of the decision.Taking away the authority of an agent appointed under a power of attorney.Once a parent has lost mental capacity, he or she will be unable to rescind the power of attorney.If a family member believes that the agent is acting unlawfully, they can submit a petition in court to have the agent removed from the case.

What are the risks of a power of attorney for elderly?

As Jeter points out, ″another concern that arises is that a child of an old parent may not comprehend that the will is still the parent’s decision and legal document.″ The POA might be declared invalid if a kid appears to be exerting undue influence on the decision-making process.