Power of Attorney Abuse - Buyer Beware 36760
A power of attorney is used to delegate legal authority to another person. The main (anyone giving the power of attorney) provides the agent, also referred to as the attorney-in-fact, the power to make appropriate decisions on his/her behalf, including property, handling bank records, and other assets.
The prospect of fraud exists in every power of attorney design, through illegitimate gifting, and home working, embezzlement. In some circumstances, an estate will be significantly depleted by a power attorney holder, making the heirs of the principal with minimum inheritance. Other ways in which a power of attorney may be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint name or pay on death conditions in support of the agent.
The creation of the power of attorney can be challenged under the lands of lack of capacity or that the creation didn't follow proper procedures. If a validly granted power of attorney is abused from the agent, reasons might exist to sue the agent for the return of embezzled house or for monetary damages. If the principal is still living at the time of the action, the principal may sue the agent directly. In several situations, the energy of attorney abuse is part of a larger pattern of elder abuse. If the principal has passed away by the time the ability of attorney abuse has been identified, the principal's estate or the intended beneficiaries of the property may be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or lots of other causes of action.
Because of the potential for abuse with a power of attorney, their use must be limited. This riveting The Gordon Law, P.C. - New City Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Rockland County Area use with has numerous novel suggestions for the inner workings of this activity. Http://Money.Buzzingasia.Com/News/The Gordon Law P C New City Estate Planning And Elder Law Attorney Division Is Now Serving Clients In The Rockland County Area/0157299/ contains further about the inner workings of this thing. To discover additional information, consider having a glance at: http://walkthebiz.com/news/the-gordon-law-p-c-new-city-estate-planning-and-elder-law-attorney-division-is-now-serving-clients-in-the-rockland-county-area/0157299/. 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 already been induced, including the incapacity of the principal..
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