Can I be held liable for my son's home equity loan debt as Power of Attorney?

Full question:

I am Power of Attorney for my son who was ill but is now better. He has an outstanding debt from a home equity loan. I received a judgement from the debt collector that I am named as a defendant in the paying of this bill. How can that be possible. I have signed nothing of his. I was just handling his affairs while he was sick.

Answer:

It depends on whether you signed anything as Power of Attorney (POA) for your son. If you acted on his behalf in a way that created liability, you could be named in the judgment. It's important to consult with a legal professional to address this situation properly.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Being a power of attorney (POA) carries several risks. If you make decisions that lead to financial loss or liability, you could be held accountable. Additionally, if you fail to act in your principal's best interests, you may face legal consequences. It's crucial to understand your responsibilities and limitations, as well as the potential for personal liability in certain situations.