Power of Attorney Abuse - Buyer Beware 11067

A power of attorney can be used to assign legal power to a different person. For a different way of interpreting this, please consider looking at: http://sainskini.com/news/gordon-law-p-c-nassau-estate-planning-and-elder-law-attorney-emphasizes-need-to-have-a-will/0158225/. The principal (anyone granting the power of attorney) provides agent, also called the attorney-in-fact, the authority to create appropriate decisions on his/her behalf, including handling bank accounts, real estate, and other assets.

The possibility of fraud exists in every power of attorney design, through home working, embezzlement, and unlawful gifting. In a few situations, an estate will be significantly depleted by a power attorney holder, making the heirs of the main with minimum inheritance. Different ways where a power of attorney can be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint name or pay on death conditions in favor of the agent.

The creation of the power of attorney might be questioned under the causes of insufficient ability or the creation didn't follow proper procedures. Reasons might exist to sue the agent for the get back of embezzled home or for monetary damages, If a validly granted power of attorney has been abused from the agent. The principal may sue the agent directly, if the principal is still living at the time of the motion. In several circumstances, the power of attorney abuse is part of a broader pattern of elder abuse. In the event the key has died by the time the energy of attorney punishment has been identified, the principal's estate or the intended recipients of the property could be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or lots of other causes of action. For fresh information, you should have a glance at: http://dailytransparent.com/news/gordon-law-p-c-nassau-estate-planning-and-elder-law-attorney-emphasizes-need-to-have-a-will/0158225/. This provocative Gordon Law, P.C. - Nassau Estate Planning And Elder Law Attorney Emphasizes Need To Have A Will article has varied stylish warnings for the reason for this idea.

As a result of possibility of abuse with a power of attorney, their use should be limited. Many persons making a power of attorney may keep the instrument with the drafting attorney until the conditions triggering the activation of the power have already been triggered, such as the incapacity of the key..

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