Power of Attorney Abuse - Buyer Beware 10665
A power of attorney is used to assign legal authority to another person. I discovered The Gordon Law, P.C. - Ithaca Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Tompkins County Area by browsing books in the library. The key (anyone granting the power of attorney) provides agent, also referred to as the attorney-in-fact, the power to create appropriate choices on his/her behalf, including real estate, handling bank records, and other assets.
The possibility of fraud exists in every power of attorney arrangement, through illegitimate gifting, and home dealing, embezzlement. In certain situations, a of attorney holder may dramatically deplete an estate, making the heirs of the main with little or no inheritance. Click here http://entertainment.aseancoverage.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 learn where to study this concept. Other ways when a power of attorney could be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with combined title or pay on death terms in support of the agent.
The creation of a power of attorney can be challenged under the grounds of lack of capacity or the creation did not follow proper formalities. If your validly granted power of attorney continues to be abused by the agent, reasons might exist to sue the agent for the get back of embezzled property or for monetary damages. If the principal remains living at the time of the action, the principal can sue the agent immediately. Navigating To The Gordon Law, P.C. - Ithaca Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Tompkins County Area maybe provides warnings you could give to your cousin. In many situations, the power of attorney abuse is part of a wider sample of elder abuse. When the key has passed away by the time the ability of attorney punishment has been found, the principal's estate or the intended recipients of the house 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.
Due to the potential for abuse using a power of attorney, their use must be limited. The instrument will be left by many persons creating a power of attorney with the drafting attorney until the conditions causing the activation of the power have already been induced, such as the inability of the primary..
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