POA Scams: Elder Law Estate Abuse

Senior citizens being scammed financially is quite common. Unfortunately, a growing number of these scams are usually framed by family members or friends who run off with the money from an elder when the grandpa granny or the grandpa gives them a financial power of attorney. In the power of attorney scams, the family member of the friends often claim the money for safekeeping because the elders are senile or needed to be protected from making a bad financial decision. The elder may lose their home, nest egg, or other money and estate by using the power of attorney scams. If your relative is a victim of a fraud or elder abuse involving the illegal use of a power of attorney, it’s important to act as fast as possible. Usually, the best course of action is to call elder law attorney or  Lawyer for estate planning.

The attorney can assist you in retracting the power of attorney and demand the return of the stolen money and the estate. If necessary, file a lawsuit.

“Breach of fiduciary duty” and “conversion”, are the most common legal claims in a case involving the abuse of a power of attorney.  These claims are based upon a legal concept known as “fiduciary duty”. Signing the power of attorney creates a relationship between the principal and the who is authorized to act on behalf of the “agent”. Under this fiduciary duty, the agent owes the elder a duty to act with the utmost good faith and loyalty when acting on behalf of the elder.

Signs of breach of fiduciary duty

 

●   The principal should be informed of the things that would affect the interest.

●    Only after informing and getting the consent of the elder the agent may get the power of attorney.

●  Interest adverse to the elder can not be acquired by the agent or reap a secret profit.

●    The agent may not transfer the elder's property to him or herself (or to others) unless the power of attorney specifically confers that power.

 

How to prevent the abuse

●     Do not grant any power of attorney to anyone unless you recognize the well and utterly trust him or her.

●     Do not unleash the power of attorney until it's required. within the meantime, keep the signed power of the attorney in your attorney's offices.

●     If the power of attorney is required, however, you're later ready to manage your affairs once more, now take back the power of attorney.

●     If the agent in an exceeding power of attorney transfers property into his or her own name, demand in writing that the agent now returns the assets Associate in Nursing render an accounting. it's going to be wise to contact an Associate in Nursing attorney now.

●     If the agent refuses to come to the property, now contact the Associate in Nursing attorney.

 

As the range of seniors within the general population chop-chop will increase, there'll seemingly be a corresponding increase in money scams involving unauthorized use of the power of attorney. Folks with senior dear ones, caregivers of seniors, and elders themselves will stop or remedy power of attorney abuse by learning however these scams work, what steps to require to stop turning into a victim of power of attorney scam, and what legal claims square measure obtainable within the event of a scam.