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Power Of Attorney Abuse - Buyer Beware 48464

2019.05.22 00:36

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A power of attorney can be used to assign legal authority to another person. The main (the person granting the power of attorney) provides agent, also referred to as the attorney-in-fact, the authority to create legal conclusions on his/her behalf, including real estate, handling bank records, and other assets.

The prospect of fraud exists in every power of attorney arrangement, through self working, embezzlement, and illegal gifting. In some situations, an estate will be significantly depleted by a power attorney holder, making the heirs of the principal with little or no inheritance. Browse this URL The Gordon Law, P.C. - Albany Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Capital District Area to study how to think over this hypothesis. Other ways in which a power of attorney can be abused include 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. Discover further on a related link by visiting The Gordon Law, P.C. - Albany Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Capital District Area.

The creation of a power of attorney could be challenged under the causes of lack of capacity or the creation didn't follow proper procedures. Grounds may exist to sue the agent for the reunite of embezzled home or for monetary damages, In case a validly granted 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 circumstances, the power of attorney abuse is part of a broader pattern of elder abuse. In the event the principal has passed away by the time the power of attorney punishment has been discovered, the principal's estate or the intended beneficiaries of the house could be able to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action. I learned about http://business.kanerepublican.com/kanerepublican/news/read/38287729/The_Gordon_Law by browsing Google.

As a result of 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 triggered, such as for example the incapacity of the principal..

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