Power of Attorney Abuse - Buyer Beware 48371

A power of attorney is used to delegate legal authority to some other person. The key (anyone granting the power of attorney) provides the agent, also called the attorney-in-fact, the authority to produce appropriate conclusions on his/her behalf, including handling bank records, property, and other assets.

The prospect of fraud exists in most power of attorney design, through unlawful gifting, and self dealing, embezzlement. In some circumstances, an estate will be significantly depleted by a power attorney holder, leaving the heirs of the principal with little or no inheritance. Alternative methods when a power of attorney could be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with combined name or pay on death conditions in favor of the agent.

The creation of a power of attorney can be questioned under the lands of insufficient capacity or that the creation didn't follow proper procedures. Grounds may possibly exist to sue the agent for the get back of embezzled property or for monetary damages, If a validly given power of attorney has been abused by the agent. If people choose to dig up more about http://business.thepostandmail.com/thepostandmail/news/read/38295144/The_Gordon_Law, there are lots of resources you could pursue. If the principal is still living at the time of the motion, the agent can be sued by the principal directly. In many situations, the energy of attorney abuse is part of a wider pattern of elder abuse. When the principal has passed on from the time the power of attorney punishment has been discovered, the principal's estate or the intended recipients of the house could be able to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action. To discover additional information, please consider peeping at: The Gordon Law, P.C. - Bronx Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The New York City Area.

Due to the potential for abuse with a power of attorney, their use should be limited. The instrument will be left by many persons creating a power of attorney with the drafting attorney until the circumstances triggering the activation of the power have been induced, such as for example the inability of the principal.. If you are concerned by video, you will likely fancy to learn about http://markets.financialcontent.com/townhall/news/read/38295144.

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