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My wife has poa over an ailing aunt who has been in a nursing home for almost 2 years. Her funds are now just about gone except for the sale of her house. We have cleaned out her home and maintained her one acre of property in New York state for this entire time. We have not taken any compensation for any of our work or time. We are one week away from selling and closing on her house. What, if any, is a fair and equitable charge for this service?
Welcome to AMHD. What does the power of attorney say? Is your aunt of sound mind and memory?
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Originally Posted by Bus Driver
Maybe it happens and I'm not aware but I've never seen a P/A that makes provisions for payment to the person to which the authority is assigned.
I am aware that - with documentation - your aunt could authorize that you be paid.
Some of it depends on the type of P/A - there are several types in NYS - and NYS is fairly strict about the powers which are assigned. You have to be very careful not to appear to be self serving. You are aware that there must be "complete and periodic" accountings for money and property.
Personally, I had my husband's P/A and he had mine. I would not be interested in anyone else's. I've seen families torn about P/A, arguing over what was spent and why.
Yes she is of sound mind... most of the time
The last poa I heard mention of provided no payment for the agent (you, in this case); and it expired by its own terms if and when the principal (your aunt) became incompetent. You may find that you can't close the sale of real estate if the poa is not executed with the number of witnesses as your deed will require. But go back to the poa, itself, and read what it says about compensation. If it is quiet, prepare a memo to your aunt for her approval, to be paid at closing. Where I reside, I believe administrators are entitled to 2 1/2 % of the estate coming in, and 2 1/2 % of the estate going out. My own view is that 2 1/2 % would be fair and adequate. This is a situation where you should get the advice of an attorney in your state and community.
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Originally Posted by Bus Driver
Sound mind "most of the time" is going to cause problems if you are asking to be paid. I would run this past an Attorney.
Obviously no problem if no one protests but if anyone does, including the nursing home which might be looking for payment, you could have problems.
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