A power of attorney is used to assign legal authority to another person. The main (the person giving the power of attorney) gives the agent, also called the attorney-in-fact, the power to create appropriate choices on his/her behalf, including property, handling bank accounts, and other assets.

The potential for fraud exists in most power of attorney agreement, through home dealing, embezzlement, and unlawful gifting. In certain situations, an estate will be significantly depleted by a power attorney holder, making the heirs of the main with minimum inheritance. Different 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 provisions in favor of the agent.

The creation of a power of attorney can be challenged under the lands of insufficient capacity or the creation did not follow proper formalities. Reasons may possibly exist to sue the agent for the return of embezzled property or for monetary damages, In case a validly granted power of attorney continues to be abused by the agent. Identify more on my daily choice by browsing our riveting site. The agent can be sued by the principal directly, if the principal remains living at the time of the motion. Navigating To check this out perhaps provides suggestions you can tell your cousin. In several situations, the power of attorney abuse is part of a larger pattern of elder abuse. In the event the key has died by the time the power of attorney punishment has been identified, the principal's estate or the intended recipients of the house might be able to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action. Browse here at the link nerium face products to research the meaning behind it.

Due to the potential for abuse using a power of attorney, their use should be limited. 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 inability of the primary.. To research additional info, please check out: link.