Power of Attorney Abuse - Buyer Beware 45797

A power of attorney is used to delegate legal authority to another person. Be taught supplementary resources on http://markets.financialcontent.com/dowtheoryletters/news/read/38287729 by navigating to our novel site. The key (anyone giving the power of attorney) gives the agent, also called the attorney-in-fact, the power to make legal choices on his/her behalf, including handling bank records, real estate, and other assets.

The possibility of fraud exists in every power of attorney arrangement, through home dealing, embezzlement, and illegitimate gifting. In certain circumstances, a of attorney holder can significantly lessen a property, making the heirs of the principal with minimum inheritance. Alternative methods when a power of attorney can be abused contain changing beneficiary designations on life insurance or annuities, and opening bank accounts with combined name or pay on death provisions in favor of the agent.

The creation of a power of attorney can be challenged under the grounds of insufficient capacity or the creation did not follow proper procedures. We found out about The Gordon Law, P.C. - Albany Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Capital District Area by searching Google. Grounds may possibly exist to sue the agent for the get back of embezzled property or for monetary damages, If a validly granted power of attorney has been abused by the agent. The agent can be sued by the principal immediately, if the principal continues to be living at the time of the motion. In several circumstances, the ability of attorney abuse is part of a wider pattern of elder abuse. If the key has died by the time the ability of attorney punishment has been identified, the principal's estate or the intended recipients of the property may be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or a number of other causes of action.

Because of the possibility of abuse using a power of attorney, their use should be limited. Many persons making a power of attorney will keep the device with the drafting attorney until the circumstances initiating the activation of the power have already been triggered, including the inability of the primary.. Get supplementary information on http://business.sweetwaterreporter.com/sweetwaterreporter/news/read/38287729/The_Gordon_Law by browsing our unique essay.

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