If I am purchasing my parents land on contract for deed because they live in an assisted living community, should I be the Power of Attorney for them?
Probably not. While there is no out-and-out legal bar on you being the agent or attorney-in-fact (those are the terms for the person given power by a POA), if you are the agent, you have a "fiduciary" duty to be fully fair and loyal to the principal(s): the person(s) giving you the POA. That would include a duty to maximize the return on investment--i.e. what they get for their property. That of course conflicts with your own self-interest; but agents are supposed to put their principal's interest ahead of their own. Being the agent when you are also the buyer therefore has a built-in conflict of interest which could, if there is a family falling out or second thoughs on your parents' part, lead to liabiity for "breach of fiduciary duty" for you. Let someone else be designated agent or attorney-in-fact for this sale, even if you are for all other purposes.