Power of Attorney Abuse - Buyer Beware

Izvor: KiWi

A power of attorney is used to delegate legal power to a different person. The main (the individual giving the energy of attorney) provides the agent, also known as the attorney-in-fact, the authority to create appropriate choices on his/her behalf, including handling bank records boise law firm talk, real estate, and other assets.

The possibility of fraud exists atlanta divorce attorneys power of attorney arrangement, through home dealing, embezzlement, and unlawful gifting. In certain situations, a power of attorney holder will somewhat lessen a house, leaving the heirs of the principal with little or no inheritance. Other ways in which a power of attorney could be abused contain changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay on death conditions in support of the agent.

The creation of an electric of attorney can be questioned under the grounds of insufficient capacity or that proper formalities were not followed by the creation. Grounds may exist to sue the agent for the reunite of embezzled house or for monetary damages, In case a validly given power of attorney has been abused by the agent. If the principal is still living at the time of the action, the principal may sue the agent immediately. In several situations, the power of attorney abuse is part of a broader pattern of elder abuse. If the main has died by the full time the ability of attorney punishment has been found, the principal's estate or the intended beneficiaries of the house may be able to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or a number of other causes of action.

Because of the potential for abuse with an electric of attorney, their use should really be limited. Several people creating a power of attorney will keep the instrument with the drafting attorney until the circumstances triggering the activation of the power have already been triggered, such as the incapacity of the key.