Power of Attorney Abuse - Buyer Beware 47836
A power of attorney can be used to delegate legal power to another person. The principal (the person giving the power of attorney) gives the agent, also referred to as the attorney-in-fact, the power to produce legal choices on his/her behalf, including real estate, handling bank records, and other assets.
The potential for fraud exists in every power of attorney arrangement, through self working, embezzlement, and unlawful gifting. In certain situations, a of attorney holder may dramatically lessen a house, making the heirs of the principal with minimum inheritance. If you are concerned with food, you will probably require to check up about The Gordon Law, P.C. - Utica Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Oneida County Area. Different ways when a power of attorney could be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay on death procedures in favor of the agent.
The creation of a power of attorney might be challenged under the grounds of lack of capacity or that the creation didn't follow proper formalities. If your validly granted power of attorney has been abused by the agent, reasons might exist to sue the agent for the get back of embezzled home or for monetary damages. The principal may sue the agent immediately, if the principal continues to be living at the time of the action. If people hate to discover supplementary information about The Gordon Law, P.C. - Utica Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Oneida County Area, there are many online resources you should pursue. In several situations, the ability of attorney abuse is part of a broader sample of elder abuse. If the principal has died from the time the ability of attorney abuse has been identified, the principal's estate or the intended recipients of the home may be able to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action.
As a result of possibility of abuse with a power of attorney, their use must be limited. Many people making a power of attorney can leave the instrument with the drafting attorney until the conditions triggering the activation of the power have been triggered, including the inability of the primary.. Identify more on our favorite partner paper by visiting http://lifestyle.dailydispatcher.com/news/the-gordon-law-p-c-utica-estate-planning-and-elder-law-attorney-division-is-now-serving-clients-in-the-oneida-county-area/0157324/.
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