Real estate: What responsibilities come with having a power of attorney?

Q: I have a power of attorney for my parents. Is there anything else that I need to sell their house or am I all set if something happens to them?

A: I’m going to make this a public service announcement, but first, my disclaimer: I’m not an attorney, nor am I giving legal advice. There is one common error I see that gets folks into trouble. What a lot of folks don’t know is that a power of attorney is only valid while the person is alive. Upon death, the power of attorney no longer exists. After death, the executor of the estate handles all of the financial and legal matters. Many times, I have heard statements like this: “When my Mom or Dad or Uncle Pete or Aunt Sally dies, I’m all set. I have a power of attorney to take care of everything.” If that’s all you have, you have nothing.

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