Legal Question in Wills and Trusts in Illinois
Power of Attorney
When a parent gives thier adult child Power of Attorney, does the child then become responsible for the parents debts? Can a creditor report any unpaid debts onto the child's credit report?
Asked on 10/26/06, 9:37 am
1 Answer from Attorneys
Re: Power of Attorney
A person acting as agent under a power of attorney is not personally responsible for the principal's debts. He is only responsible for paying such debts out of the assets of the principal if they should be paid.
It does not affect the agent's credit report.
Answered on 10/26/06, 10:00 am
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