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

The possibility of fraud exists in most power of attorney design, through home dealing, embezzlement, and illegal gifting. In a few circumstances, an estate will be significantly depleted by a power attorney holder, making the heirs of the principal with minimum inheritance. Different ways when a power of attorney might be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with combined name or pay on death provisions in support of the agent. Get more on our partner site by browsing to The Gordon Law, P.C. - Albany Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Capital District Area.

The creation of the power of attorney may be pushed under the causes of lack of capacity or the creation did not follow proper procedures. Browse this webpage The Gordon Law, P.C. - Albany Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Capital District Area to study the inner workings of this viewpoint. We discovered The Gordon Law, P.C. - Albany Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Capital District Area by searching Google Books. If your validly given power of attorney continues to be abused by the agent, reasons may possibly exist to sue the agent for the reunite of embezzled home or for monetary damages. If the principal is still living at the time of the motion, the principal may sue the agent directly. In several circumstances, the power of attorney abuse is part of a larger sample of elder abuse. If the key has passed on from the time the ability of attorney abuse has been discovered, the principal's estate or the intended beneficiaries of the home could be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or lots of other causes of action. This riveting The Gordon Law, P.C. - Albany Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Capital District Area site has limitless unique warnings for why to deal with it.

Due to the potential for abuse using 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 been triggered, such as for example the incapacity of the principal..