A power of attorney can be used to delegate legal power to some other person. The key (the person giving the power of attorney) provides the agent, also called the attorney-in-fact, the power to create appropriate choices on his/her behalf, including handling bank records, real estate, and other assets.

The potential for fraud exists in most power of attorney agreement, through illegitimate gifting, and home dealing, embezzlement. To learn more, please consider checking out: Gordon Law, P.C. - Nassau Estate Planning And Elder Law Attorney Emphasizes Need To Have A Will. In a few circumstances, an estate will be significantly depleted by a power attorney holder, making the heirs of the principal with little or no inheritance. Other ways when a power of attorney might be abused contain changing beneficiary designations on life insurance or annuities, and opening bank accounts with combined title or pay on death provisions in support of the agent.

The creation of a power of attorney could be questioned under the causes of lack of ability or that the creation didn't follow proper formalities. Reasons may exist to sue the agent for the return of embezzled home or for monetary damages, If a validly granted power of attorney is abused from the agent. If the principal is still living at the time of the motion, the agent can be sued by the principal directly. Identify more about Gordon Law, P.C. - Nassau Estate Planning And Elder Law Attorney Emphasizes Need To Have A Will by visiting our lovely wiki. In several circumstances, the ability of attorney abuse is part of a wider sample of elder abuse. If you know anything, you will probably fancy to compare about http://e-rumormill.com/news/gordon-law-p-c-nassau-estate-planning-and-elder-law-attorney-emphasizes-need-to-have-a-will/0158225/. If the key has passed on by the time the power of attorney abuse has been found, the principal's estate or the intended beneficiaries of the property might be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or lots of other causes of action.

Due to the possibility of abuse using a power of attorney, their use must be limited. Several persons making a power of attorney will keep the instrument with the drafting attorney until the circumstances causing the activation of the power have already been triggered, such as for example the inability of the primary..

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