A power of attorney is used to assign legal authority to a different person. The key (the individual granting the power of attorney) gives the agent, also referred to as the attorney-in-fact, the power to make legal choices on his/her behalf, including real estate, handling bank records, and other assets.

The prospect of fraud exists in most power of attorney design, through illegal gifting, and self dealing, embezzlement. In some situations, a of attorney holder can considerably diminish a property, making the heirs of the main with little or no inheritance. Dig up extra information about The Gordon Law, P.C. - Utica Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Oneida County Area by navigating to our forceful article. Alternative methods when a power of attorney can be abused contain changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay on death procedures in favor of the agent.

The creation of a power of attorney may be challenged under the grounds of lack of ability or that the creation did not follow proper formalities. I found out about The Gordon Law, P.C. - Utica Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Oneida County Area by browsing Bing. Grounds may possibly exist to sue the agent for the reunite of embezzled property or for monetary damages, If your validly granted power of attorney continues to be abused from the agent. If the principal remains living at the time of the action, the principal can sue the agent immediately. In several situations, the energy of attorney abuse is part of a broader sample of elder abuse. When the principal has died from the time the power of attorney punishment has been identified, 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 lots of other causes of action. My boss found out about The Gordon Law, P.C. - Utica Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Oneida County Area by browsing webpages.

As a result of potential for abuse with 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 the inability of the principal..