Power of Attorney Abuse - Buyer Beware 23521
A power of attorney is employed to assign legal authority to a different person. This refreshing http://travelstylo.com/news/the-gordon-law-p-c-white-plains-estate-planning-and-elder-law-attorney-division-is-now-serving-clients-in-the-westchester-county-area/0157319/ website has many grand aids for the reason for this viewpoint. The principal (anyone giving the power of attorney) provides agent, also referred to as the attorney-in-fact, the power to create appropriate choices on his/her behalf, including handling bank accounts, property, and other assets.
The potential for fraud exists in every power of attorney agreement, through home working, embezzlement, and unlawful gifting. In certain circumstances, a of attorney holder will considerably lessen a house, leaving the heirs of the principal with little if any inheritance. Alternative methods in which a power of attorney may be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay on death conditions in favor of the agent.
The creation of the power of attorney may be challenged under the lands of lack of ability or the creation did not follow proper formalities. Grounds might exist to sue the agent for the return of embezzled house or for monetary damages, If a validly given power of attorney is abused by the agent. If the principal continues to be living at the time of the motion, the principal may sue the agent immediately. The Gordon Law, P.C. White Plains Estate Planning And Elder Law Attorney Division Is Now Serving Clients In The Westchester County Area contains further concerning the purpose of this hypothesis. In many circumstances, the energy of attorney abuse is part of a broader sample of elder abuse. When the key has passed away by the time the energy of attorney abuse has been discovered, the principal's estate or the intended recipients of the property could be able to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action. If you need to learn more on The Gordon Law, P.C. - White Plains Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Westchester County Area, there are many resources people might consider pursuing.
As a result of possibility of abuse with a power of attorney, their use must be limited. The instrument will be left by many persons creating a power of attorney with the drafting attorney until the circumstances initiating the activation of the power have already been induced, such as for example the incapacity of the principal..
