Selling Property As Poa

Summary

As a Power of Attorney (POA) in Georgia, you have the authority to sell property, but it must be in the principals best interest. Selling below market value is permissible if justified by compelling reasons, such as financial hardship or urgent need for funds. Misuse of funds or ignoring the principals wishes can lead to legal consequences. Always consult a legal expert to ensure your actions are legally justified and in the principals best interest.

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**** if im poa and poa says i can make gifts
If you're a Power of Attorney (POA) in Georgia, it's important to understand:
- The POA's responsibilities should be in the best interest of the child.
- Gifts can be made if the POA document allows it, but they should also be in the child's best interest.
However, payments to yourself may be seen as a conflict of interest. It's essential to seek legal advice.
Can you use funds from a sale to gift yourself some of it
As a Power of Attorney in Georgia, you have the authority to handle financial transactions. However, gifting yourself funds could be seen as a conflict of interest. It's crucial to use the funds in a manner that benefits the person you're representing. Always consult with a legal expert in such matters.
What if funds from a house sale go into a joint bank account, wouldnt i still be legally entitiled to those funds?
In Georgia, funds in a joint account generally belong to both parties. However, as a POA, the funds should be used in the best interest of the person you're representing. Misuse could lead to legal consequences. Consult a legal expert for guidance.
So if proceeds from a house sale go into a joint bank account, am i able to use the funds?
In Georgia, funds in a joint account are typically shared. As a POA, you're obligated to use funds for the person's best interest you represent. Misuse could lead to legal repercussions. Always seek legal advice in such situations.
Does any new poa created revoke any old ones?
In Georgia, a new Power of Attorney (POA) generally revokes any previous ones unless it specifically states it does not. However, it's always best to consult with a legal expert to understand the implications.
what does "an agent that is not my descendant shall not use my property to benifit the agent or a person whom teh agent owes an obligation of support uness i have included that authority mean?
This statement means that unless explicitly stated otherwise, an agent (POA) who is not a direct descendant (child, grandchild, etc.) should not use the property for their benefit or for the benefit of someone they're legally obligated to support.
So if im their child i can use property to my benifit?
Being a child of the principal does not automatically grant you the right to use the property for your benefit. As a POA, your role is to act in the best interest of the principal. Misusing funds could lead to legal consequences. Always consult a legal expert.
Yes but what about the statement above
The statement suggests that without clear authorization in the POA document, an agent (even if they're a descendant) should not use the principal's property for their own benefit or to support someone they're legally obligated to. It's key to get legal advice for interpretation.
No it states an agent that is not my desendant
Thank you for the clarification. So, you are a descendant and the agent under the POA. Could you please confirm if the POA document specifically gives you the authority to use the property for your benefit?
The statement says in the poa document "an agent that is not my descendant shall not use my property to benifit the agent or a person whom teh agent owes an obligation of support uness i have included that authority
The statement implies that an agent who isn't a descendant shouldn't use the property for their benefit or to support someone they owe. If you're a descendant and the POA document specifically authorizes it, you may be able to use the property for your benefit. Please consult a legal expert for advice.
No its just has that statement
In Georgia, the statement you provided implies that an agent who isn't a descendant can't use the property for their benefit or to support someone they owe unless authorized. As a descendant, the statement may not directly apply to you. However, without explicit authorization in the POA document, using the property for your benefit may lead to legal issues. Seek legal advice for clarification.
what is not my ancestor mean
"Not my ancestor" usually refers to someone who is not in your direct line of heritage, such as parents, grandparents, etc. This term is typically used in legal documents. Please consult a legal expert for a detailed explanation based on your context.
is a sibling an ancestor
No, a sibling is not considered an ancestor. Ancestors are individuals from whom you are descended, such as parents, grandparents, and so on. Siblings share the same ancestors as you but are not ancestors themselves.
Does the statement mean my cousin cant live in my parents home
The statement you provided does not specifically address living arrangements. In Georgia, a Power of Attorney doesn't inherently grant or restrict a third party's right to occupy a property. It would be wise to consult with a legal expert for advice based on your unique circumstances.
But the statement says they cannot benifit off my property
The statement indicates that individuals who are not descendants of the principal should not benefit from the property. As you're the POA and descendant, the statement may not directly apply to you. However, whether your cousin can live in the property might depend on other factors. Can you provide more information about your situation?
Cousin is living in the property paying way below market rental rate and because its closer to her job. Parent has never lived in the home. It was orginally for their mother but she passed four years ago
It sounds like your cousin is currently residing in the property. As a POA, you're responsible for acting in the best interest of the property owner. Have you discussed this with a real estate attorney or considered raising the rent to match market rates?
So doesnt that mean that someone is benifiting off their property thats not the desendant or anscestor
Yes, it appears your cousin, who is not a descendant or ancestor, is benefiting from the property by paying below-market rent. However, the POA's scope and specifics can impact this situation. It's recommended to consult a legal expert for a thorough understanding.
What do you mean impact
By "impact," I mean that the details of the Power of Attorney (POA) document can influence this situation. The POA's terms and responsibilities can affect decisions related to the property, including who can live there and rental rates. Legal advice is recommended for interpretation.
POa has acess to real property transactions
As a Power of Attorney (POA) in Georgia, you do have the authority to handle real property transactions. However, all actions should be in the best interest of the person you're representing. Are you considering making changes or transactions with the property? If so, please consult a legal expert for guidance.
Selling it, so wouldnt that justify as well since that person is benifiting off the property
As a Power of Attorney, selling the property is within your authority if it's in the best interest of the principal. If the person living there is benefitting disproportionately, consider consulting with a legal expert before proceeding.
Can they do anything to me when i attempt to sell
If you're planning to sell the property as the POA, it's crucial to ensure it's in the best interest of the principal. If the sale is contested, legal action could be taken against you. Are you considering legal advice before proceeding with the sale?
But it would only be contested because the cousin is mad it happened
It sounds like there might be some personal conflict involved. Even though you have the authority as a POA, it's crucial to act in the principal's best interest. Have you considered mediation or legal advice to navigate this potentially contentious situation?
the cousin hasnt called or visited parent at all, and now they would be calling and caring all of a sudden when i sell it??
It seems like you're dealing with a complex issue. Generally, as a POA, your actions should align with the principal's best interest. Personal conflict may complicate things. A legal expert or mediator might help manage this situation effectively.
But isnt everything in my favor
While it seems you have reasons to believe selling the property might be in the principal's best interest, it's crucial to consider potential legal implications. Georgia law requires a POA to act in the principal's best interest. Conflict may arise, so legal advice is recommended.
Even if my parent makes enough per month to afford assisted living, yet i still feel its best to sell the home to pay for things needed as in new bed, new clothes, everything, and to pay their rent up as well, would that still be considered in their best intrest? Or would i be wrong to sell even if they make enough money per month
As a POA, your responsibility is to make decisions in the best interest of the principal. If selling the home advances their quality of life, it might be considered in their best interest. However, this can be subjective and may be legally challenged. Consult a legal expert for advice.
Even if they make enough money per month to afford AL
If the principal can afford assisted living with their current income, selling the property might not be necessary. However, if you're considering selling to improve their living condition, it could be seen as acting in their best interest. Have you discussed this with them or a legal expert Answer:
?
Even if the principal can afford assisted living with their monthly income, selling the property may still be in their best interest if it improves their quality of life. However, it's crucial to seek legal advice to ensure you're acting within your rights and responsibilities as a POA.
Yes because the funds are also to go towards moving cost, debt, and to purchase things they are going to need and to pay rent in advance
Given your situation, it seems that selling the property could be considered in the principal's best interest, especially if the proceeds are used to improve their quality of life. However, as a POA, it's crucial to consult with a legal expert before making significant decisions to avoid potential legal issues.
What do you mean improve quality
By "improve quality", I mean enhancing the principal's living conditions or lifestyle. This could include paying for better care, reducing debt, or purchasing necessary items. However, as a POA, any actions should be in the principal's best interest. Always consult with a legal expert.
So in doing that that can be deemed as in the best intrest?
Yes, using funds from the sale of property to enhance the principal's lifestyle, pay off debts, secure better care, or purchase necessary items could be seen as acting in their best interest. However, it's critical to consult with a legal expert to confirm.
Youre saying could, why is their any doubt ?
The use of "could" is due to the complexities of legal matters. Each case is unique and subject to interpretation based on the specifics of the situation, the POA document, and Georgia law. Legal advice from a professional is strongly recommended to ensure your actions are legally justified.
The sale also removes a mortgage payment, and due to the fact the house seems useless regardless if cousin lives in it because parent has NEVER lived in it. And parent also says they felt pressured when cousin asked to move in because parents mom just died
It sounds like selling the property could address several issues at once, such as removing a mortgage payment and helping your parent. However, it's crucial to consider all factors, including your parent's feelings and any potential fallout with the cousin. Have you considered seeking professional legal advice to navigate this situation Answer:
Wouldnt it regardless be in parents best intrest if parent has never even lived in the home?
As a POA, your role is to act in the best interest of the principal. If the parent has never lived in the house and selling it would improve their situation, it might be in their best interest. However, it's crucial to consult with a legal expert to ensure your actions are justified.
what would deem as not in their best intrest
Actions that might not be in the principal's best interest could include:
- Selling the property under market value
- Using the funds from the sale for personal benefit
- Ignoring the principal's wishes or needs
- Neglecting to consider the principal's long-term financial security
Always consult a legal expert to understand the specifics of your situation.
But as poa you said i could sell underfm
As a Power of Attorney (POA) in Georgia, you have the authority to sell the property. However, selling it for less than its market value might not be in the best interest of the principal unless there are compelling reasons. Always consult with a legal expert before making such decisions.
what could be compelling reasons
Compelling reasons to sell a property below market value could include:
- The property needs significant repairs
- The market is slow, and a quicker sale is needed
- The principal is facing financial hardship
- There's a need to liquidate assets quickly for the principal's care
These reasons should align with the principal's best interest. Consulting a legal expert is recommended.
BUt regardless i am allowed to sale below fmv
As a Power of Attorney in Georgia, you can sell a property below its Fair Market Value (FMV). However, it's crucial to remember that your actions must always be in the best interest of the principal. You could face legal consequences if the sale is deemed not in their best interest. Consult with a legal expert for advice.
how can one prove they werent in the best intererst?
Proving that actions were not in the best interest of the principal could involve demonstrating:
- Misuse or misappropriation of funds
- Decisions that negatively impact the principal's financial stability
- Ignoring the principal's expressed desires
- Selling property significantly under market value without justifiable reasons
Consult with a legal expert for guidance.