A power of attorney can be used to assign legal power to another person. My co-worker learned about The Gordon Law, P.C. - Binghamton Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Broome County Area
by browsing Google Books. The principal (the person giving the power of attorney) provides agent, also known as the attorney-in-fact, the authority to make appropriate conclusions on his/her behalf, including real estate, handling bank accounts, and other assets.
The prospect of fraud exists in every power of attorney agreement, through home dealing, embezzlement, and illegitimate gifting. In certain circumstances, an estate will be significantly depleted by a power attorney holder, leaving the heirs of the key with little or no inheritance. Different ways where a power of attorney might be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint name or pay on death provisions in favor of the agent.
The creation of a power of attorney might be challenged under the grounds of insufficient capacity or that the creation did not follow proper formalities. Should you fancy to be taught more on The Gordon Law, P.C. - Binghamton Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Broome County Area
, there are many resources people might think about investigating. If your validly granted power of attorney continues to be abused by the agent, reasons may exist to sue the agent for the return of embezzled property or for monetary damages. The principal can sue the agent immediately, if the principal remains living at the time of the action. In several circumstances, the ability of attorney abuse is part of a broader pattern of elder abuse. When the principal has passed on by the time the energy of attorney abuse has been identified, the principal's estate or the intended recipients of the property could be able to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action.
Due to the possibility of abuse using a power of attorney, their use must be limited. Click here The Gordon Law, P.C. - Binghamton Estate Planning and Elder Law Attorney Division Is Now Serving Clients In The Broome County Area
to discover when to see it. The instrument will be left by many persons creating a power of attorney with the drafting attorney until the conditions triggering the activation of the power have already been triggered, such as for instance the incapacity of the primary..
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