A power of attorney is used to delegate legal authority to a different person. The main (the person giving the power of attorney) provides the agent, also called the attorney-in-fact, the power to make appropriate choices on his/her behalf, including handling bank accounts, real estate, and other assets.

The possibility of fraud exists in most power of attorney agreement, through illegal gifting, and self dealing, embezzlement. In some situations, an estate will be significantly depleted by a power attorney holder, making the heirs of the key with little or no inheritance. Get more on The Gordon Law, P.C. - Suffolk Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Long Island Area by navigating to our rousing article directory. 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 name or pay on death terms in favor of the agent.

The creation of a power of attorney may be questioned under the grounds of lack of capacity or that the creation didn't follow proper formalities. Grounds might exist to sue the agent for the return of embezzled property or for monetary damages, In case a validly granted power of attorney is abused by the agent. The agent can be sued by the principal directly, if the principal continues to be living at the time of the motion. In many situations, the power of attorney abuse is part of a wider pattern of elder abuse. When the principal has passed away by the time the ability of attorney punishment has been discovered, the principal's estate or the intended beneficiaries of the home may be able to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action. This provocative http://dailyxtreme.com/news/the-gordon-law-p-c-suffolk-estate-planning-and-elder-law-attorney-division-is-now-serving-clients-in-the-long-island-area/0157329/ wiki has limitless novel suggestions for the purpose of it.

As a result of potential for abuse using a power of attorney, their use should be limited. Dig up more on a related paper by visiting The Gordon Law, P.C. - Suffolk Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Long Island Area. 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 triggered, such as the incapacity of the key..

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