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Estate Planning >> Elder Law >> Is P.O.A. Agent Liable for Lease Payments?
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| Discussion: Is P.O.A. Agent Liable for Lease Payments? | + |
| Joined 26 Jan 2022 1:01 pm
144 posts
9.6/10 Rating |
Dear edg209:
According to Illinois Power of Attorney Act, “… the agent shall use due care to act for the benefit of the principal in accordance with the terms of the agency and shall be liable for negligent exercise. An agent who acts with due care for the benefit of the principal shall not be liable or limited merely because the agent also benefits from the act, has individual or conflicting interests in relation to the property, care or affairs of the principal or acts in a different manner with respect to the agency and the agent's individual interests.”
So, an agent, or attorney in fact, is not personally financially responsible for debts of the Grantor(s) provided he did not act negligently.
Best regards,
Legal Helpmate Corp.
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