The problem of abuse by way of a power of attorney is nothing new. In fact, a recent article in MarketWatch took up the matter. The article, titled “Power of attorney: It’s easily abused,” noted that 34% of all elder abuse doesn’t originate with credit card fraud, bogus lotteries, or emails from captive African princes. No, it is due to family members who have access and maybe even the power of attorney to dispose of accounts as they see fit.
The importance of your selection of attorneys-in-fact cannot be stressed enough. This is one of those decisions when the entire family ought to be apprised and alerted to who is going to do what and why.
Do not go it alone. Engage competent legal counsel to help you navigate these potentially treacherous waters.
For more information, please visit my estate planning webiste.
