A power of attorney can be used to assign legal authority to some other person. The key (the individual giving the power of attorney) gives the agent, also called the attorney-in-fact, the power to make appropriate decisions on his/her behalf, including handling bank accounts, property, and other assets.



the gordon lawThe prospect of fraud exists in every power of attorney agreement, through unlawful gifting, and home working, embezzlement. In certain situations, a of attorney holder will considerably strain an estate, leaving the heirs of the principal with little if any inheritance. Other ways where a power of attorney might be abused contain changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint name or pay on death procedures in support of the agent.

The creation of a power of attorney may be questioned under the causes of insufficient capacity or the creation didn't follow proper procedures. Be taught more about The Gordon Law, P.C. - Utica Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Oneida County Area by going to our striking URL. If your validly granted power of attorney continues to be abused by the agent, reasons may possibly exist to sue the agent for the get back of embezzled property or for monetary damages. The principal can sue the agent immediately, if the principal is still living at the time of the motion. In many circumstances, the energy of attorney abuse is part of a broader sample of elder abuse. In the event the key has died by the time the ability of attorney punishment has been found, the principal's estate or the intended beneficiaries of the property may be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or a number of other causes of action. For a different interpretation, please consider taking a look at: The Gordon Law, P.C. - Utica Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Oneida County Area.

Because of the possibility of 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, such as for instance the inability of the principal.. Should you fancy to get further about The Gordon Law, P.C. - Utica Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Oneida County Area, there are many online resources you should investigate.