Power of Attorney Abuse - Buyer Beware 34744
A power of attorney is employed to delegate legal authority to another person. The principal (the person giving the power of attorney) provides the agent, also known as the attorney-in-fact, the power to produce appropriate conclusions on his/her behalf, including real estate, handling bank accounts, and other assets. If you know anything at all, you will seemingly require to check up about The Gordon Law, P.C. - Ithaca Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Tompkins County Area.
The potential for fraud exists in most power of attorney design, through home working, embezzlement, and unlawful gifting. In certain circumstances, an estate will be significantly depleted by a power attorney holder, leaving the heirs of the main with little if any inheritance. Alternative methods where a power of attorney might be abused contain changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay on death procedures in support of the agent.
The creation of the power of attorney may be questioned under the causes of insufficient capacity or that the creation didn't follow proper formalities. Visit http://24-7reporters.com/news/the-gordon-law-p-c-ithaca-estate-planning-and-elder-law-attorney-division-is-now-serving-clients-in-the-tompkins-county-area/0157345/ to compare the inner workings of this concept. In case a validly given power of attorney is abused by the agent, grounds may possibly exist to sue the agent for the return of embezzled property or for monetary damages. The principal may sue the agent immediately, if the principal continues to be living at the time of the motion. In several situations, the power of attorney abuse is part of a broader pattern of elder abuse. When the key has died by the time the power of attorney abuse has been discovered, the principal's estate or the intended beneficiaries of the home might be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or a number of other causes of action. Learn new information on the affiliated encyclopedia by going to http://sports.intheheadline.com/news/the-gordon-law-p-c-ithaca-estate-planning-and-elder-law-attorney-division-is-now-serving-clients-in-the-tompkins-county-area/0157345/.
Due to the potential for abuse with a power of attorney, their use must be limited. Several individuals developing a power of attorney may leave the device with the drafting attorney until the conditions triggering the activation of the power have been triggered, such as for instance the incapacity of the primary..
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