gordon lawA power of attorney is employed to delegate legal power to another person. This interesting Gordon Law, P.C. - Nassau Estate Planning And Elder Law Attorney Emphasizes Need To Have A Will use with has many powerful suggestions for why to consider it. The principal (the person giving the power of attorney) gives the agent, also referred to as the attorney-in-fact, the authority to create appropriate conclusions on his/her behalf, including handling bank records, real estate, and other assets.

The potential for fraud exists in most power of attorney design, 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 little or no inheritance. Get additional resources about Gordon Law, P.C. - Nassau Estate Planning And Elder Law Attorney Emphasizes Need To Have A Will by browsing our engaging article directory. Other ways in which a power of attorney may be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay on death terms in favor of the agent.

The creation of a power of attorney may be pushed under the causes of lack of capacity or that the creation didn't follow proper procedures. If your validly given power of attorney continues to be abused by the agent, grounds may exist to sue the agent for the reunite of embezzled property or for monetary damages. If the principal continues to be living at the time of the action, the agent can be sued by the principal directly. This compelling Gordon Law, P.C. - Nassau Estate Planning And Elder Law Attorney Emphasizes Need To Have A Will wiki has uncountable compelling warnings for how to flirt with it. In many circumstances, the power of attorney abuse is part of a broader sample of elder abuse. When the key has passed away from the time the power of attorney punishment has been found, the principal's estate or the intended beneficiaries of the house might be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or lots of other causes of action.

Because of the potential for abuse using a power of attorney, their use should be limited. Many persons developing a power of attorney will keep the instrument with the drafting attorney until the circumstances triggering the activation of the power have already been induced, such as the incapacity of the principal..

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