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Power Of Attorney Abuse - Buyer Beware 28658

2019.05.21 21:32

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A power of attorney can be used to delegate legal authority to some other person. The main (the individual giving the power of attorney) gives the agent, also known as the attorney-in-fact, the power to produce legal decisions on his/her behalf, including property, handling bank records, and other assets.

http://business.am-news.com/am-news/news/read/38287542/the_gordon_lawThe prospect of fraud exists in every power of attorney arrangement, through self dealing, embezzlement, and illegal gifting. In a few circumstances, an estate will be significantly depleted by a power attorney holder, making the heirs of the main with minimum inheritance. To get another viewpoint, you are able to check-out: The Gordon Law, P.C. - NYC Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Manhattan Area. Different ways in which a power of attorney may be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with combined name or pay on death terms in favor of the agent. If you are interested in marketing, you will likely desire to learn about The Gordon Law, P.C. - NYC Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Manhattan Area.

The creation of the power of attorney may be pushed under the causes of lack of ability or that the creation didn't follow proper formalities. Grounds may exist to sue the agent for the return of embezzled property or for monetary damages, If a validly given power of attorney is abused by the agent. If the principal is still living at the time of the motion, the principal may sue the agent immediately. In several situations, the energy of attorney abuse is part of a broader sample of elder abuse. If the key has passed on by the time the energy of attorney abuse has been identified, the principal's estate or the intended recipients of the property may be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action.

Because of 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 circumstances initiating the activation of the power have already been triggered, such as the inability of the key.. To study additional information, please consider glancing at: http://markets.financialcontent.com/gafri/news/read/38287542/The_Gordon_Law.

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