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Avoiding Power of Attorney Abuses: Power of Attorney, Part Two

by Amy Snyder, MSW, Project Coordinator, NYS Office for the Aging.
 
What Can You Do With a Power of Attorney?
 
Under a Power of Attorney a principal can give an agent authority to do almost anything that they would normally do themselves. This can vary from decisions regarding homes and/or properties to those regarding bank withdrawals and deposits.
 
A principal who is mentally competent always has the right to handle his or her own affairs. The principal also has the right to direct the agent to act as they would like them to.
 
As a fiduciary, an agent is always required to act in the best interest of the principal under a Power of Attorney. The fact that the agent maintains responsibility for managing the principal's affairs does not give them the entitlement to act in a selfish manner with the principal's assets.
 
Although it is expected that an agent will act in the best interest of the principal, often times they abuse their power. For example, the agent may steal money from the principal's account for themselves or others. If this occurs on a frequent basis, a principal's financial resources can be depleted. Sometimes a principal is coerced into believing that the agent is acting in their best interest.
 
Since it can be very easy for an agent to take advantage of the power of attorney, it is important that the agent appointed is someone that the principal can fully trust with his or her financial affairs.

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