Four states have adopted new standards for agents with powers of attorney.
Powers of attorney have often sparked conflict within families. However, a new uniform law is designed to help reduce those conflicts, according to Financial Advisor in “A New Uniform Act Guides Clients Dealing With Aging Parents.”
The act has only been adopted by four states. There are concerns about the burdens it might place on children, who act as power of attorney for their elderly parents.
The law gets around the potential conflict by requiring agents to provide a financial accounting to other potential heirs.
People who are working full-time, taking care of their kids and assisting their elderly parents are concerned that they do not have the time or expertise to provide a detailed accounting of every last penny.
Despite some concerns, this law will soon go into effect in Texas, Wyoming, New Hampshire and North Carolina.
An elder law attorney can advise people acting under powers of attorney of their responsibilities.