Power of Attorney Abuse - Buyer Beware 49313
A power of attorney can be used to assign legal authority to a different person. The key (the individual giving the power of attorney) provides agent, also called the attorney-in-fact, the power to make legal decisions on his/her behalf, including property, handling bank accounts, and other assets.
The prospect of fraud exists in every power of attorney design, through unlawful gifting, and home working, embezzlement. In a few situations, an estate will be significantly depleted by a power attorney holder, leaving the heirs of the principal with little or no inheritance. Should people need to dig up new resources about 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 online resources people can pursue. Different ways when a power of attorney might be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay on death terms in support of the agent.
The creation of the power of attorney may be questioned under the causes of lack of capacity or the creation didn't follow proper formalities. Grounds may possibly exist to sue the agent for the reunite of embezzled home or for monetary damages, If a validly given power of attorney continues to be abused by the agent. Discover further on this related wiki by visiting http://sports.intheheadline.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/. The agent can be sued by the principal immediately, if the principal remains living at the time of the action. Http://Www.News9.Com/Global/Story.Asp?S=40533416 is a striking database for more about the inner workings of this concept. In several situations, the power of attorney abuse is part of a larger pattern of elder abuse. If the principal has died from the time the energy of attorney abuse has been identified, the principal's estate or the intended recipients of the house may be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or lots of other causes of action.
Due to the possibility of abuse using a power of attorney, their use should be limited. Many people creating a power of attorney may leave the instrument with the drafting attorney until the conditions triggering the activation of the power have been induced, including the incapacity of the primary.. Learn supplementary information about The Gordon Law, P.C. - White Plains Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Westchester County Area by visiting our riveting link.
