A power of attorney is used to assign legal authority to another person. The principal (the individual granting the power of attorney) gives the agent, also known as the attorney-in-fact, the power to create legal choices on his/her behalf, including property, handling bank records, and other assets.



gordon lawThe potential for fraud exists in every power of attorney design, through unlawful gifting, and self dealing, embezzlement. In certain circumstances, a of attorney holder can dramatically strain an estate, making the heirs of the principal with minimum inheritance. If you are concerned by scandal, you will maybe choose to research about http://orientalnewstoday.com/news/gordon-law-p-c-nassau-estate-planning-and-elder-law-attorney-emphasizes-need-to-have-a-will/0158225/. Other ways in which 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 conditions in support of the agent. To get further information, consider taking a gander at: http://marketsanctum.com/news/gordon-law-p-c-nassau-estate-planning-and-elder-law-attorney-emphasizes-need-to-have-a-will/0158225/.

The creation of the power of attorney could be pushed under the lands of lack of capacity or the creation did not follow proper procedures. If a validly granted power of attorney continues to be abused from the agent, reasons may exist to sue the agent for the get back of embezzled home or for monetary damages. The principal can sue the agent immediately, if the principal remains living at the time of the action. In many situations, the power of attorney abuse is part of a wider pattern of elder abuse. If the key has died from the time the power of attorney abuse has been found, the principal's estate or the intended beneficiaries of the house could be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or a number of other causes of action.

Because of the possibility of abuse using a power of attorney, their use must be limited. Get more on Gordon Law, P.C. - Nassau Estate Planning And Elder Law Attorney Emphasizes Need To Have A Will by going to our lofty use with. Several individuals developing a power of attorney can keep the instrument with the drafting attorney until the conditions initiating the activation of the power have already been triggered, including the inability of the primary..