Power of Attorney Abuse - Buyer Beware 30888

A power of attorney is used to delegate legal authority to another person. The principal (anyone granting the power of attorney) gives the agent, also called the attorney-in-fact, the power to create legal conclusions on his/her behalf, including real estate, handling bank accounts, and other assets.

The prospect of fraud exists in most power of attorney agreement, through unlawful gifting, and self working, embezzlement. In certain circumstances, an estate will be significantly depleted by a power attorney holder, making the heirs of the main with little or no inheritance. Alternative methods when a power of attorney might be abused contain changing beneficiary designations on life insurance or annuities, and opening bank accounts with combined name or pay on death conditions in support of the agent.

The creation of the power of attorney may be challenged under the lands of lack of ability or that the creation didn't follow proper formalities. In case a validly granted power of attorney is abused by the agent, reasons may exist to sue the agent for the get back of embezzled house or for monetary damages. The agent can be sued by the principal 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 wider sample of elder abuse. When the principal has passed on by the time the power of attorney abuse has been found, the principal's estate or the intended beneficiaries of the house might be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action. Dig up more on an affiliated website - Click here: The Gordon Law, P.C. - Bronx Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The New York City Area.

Because of the possibility of abuse with a power of attorney, their use should be limited. Several people creating a power of attorney may leave the device with the drafting attorney until the circumstances causing the activation of the power have been induced, such as the incapacity of the primary.. I discovered The Gordon Law, P.C. - Bronx Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The New York City Area by searching Google.

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