Power of Attorney Abuse Customer Beware 93058
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A power of attorney is used to delegate legal power to another person. The main (the person giving the power of attorney) gives the agent, also known as the attorney-in-fact, the power to make legal decisions on his/her behalf, including property, handling bank records, and other assets. The prospect of fraud exists in every power of attorney arrangement, through illegitimate gifting, and self working, embezzlement. Should people require to dig up supplementary information on oklahoma divorce , we know of lots of libraries people should consider pursuing. In certain circumstances, an estate will be significantly depleted by a power attorney holder, making the heirs of the key with minimum inheritance. Alternative methods where a power of attorney could be abused contain changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay on death terms in favor of the agent. The creation of the power of attorney can be pushed under the lands of lack of capacity or that the creation didn't follow proper formalities. To get one more viewpoint, please consider peeping at: edmond oklahoma divorce lawyer . Reasons might exist to sue the agent for the return of embezzled property or for monetary damages, If your validly given power of attorney has been abused by the agent. If the principal is still living at the time of the action, the agent can be sued by the principal immediately. In many situations, the power of attorney abuse is part of a broader pattern of elder abuse. In the event the key has passed away by-the time the ability of attorney punishment has been discovered, the principal's estate or the intended recipients of the house could be able to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or a number of other causes of action. As a result of possibility of 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 induced, such as the incapacity of the principal.Edmond Divorce & Family Law Center 1050 E. 2nd St. #219 Edmond, OK 73034 (405) 726-0469
