Power of Attorney - Risks and Precautions

Attorney - Power of Attorney - Risks and Precautions

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Granting power of attorney to man is a risk that many people, if they can, prefer not to take. No matter how sure you are of someone, there are unfortunate cases where man granted power of attorney abuses the position of power.

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The unfortunate fact is that you can never be sure, and this is the major difficulty of appointing man to act on your behalf with power of attorney. The technical term for this is appointing an 'agent' or 'attorney-in-fact'. Power of attorney is an all or nothing situation, you cannot authorize some things and not others, and there is no absolute way of being sure your best interests are being served.

By granting power of attorney, you are giving man permission to act as you entirely. All things that you can say, do, sign or authorize; they now can. This is what makes it so extremely risky. Some people try and avoid this by squirreling money away in an offshore account that they keep only very hidden records of, and never make their attorney-in-fact aware of these assets. This is an ultimate policy of action and one that is likely to fail; man with power of attorney can ask any financial facts held on you, together with your tax details. Money is inevitably located.

Although the major difficulty with power of attorney is the worry over being stolen from, there are other things to consider before agreeing to appoint an attorney-in-fact. Your agent will be able to make decisions for you; and this includes giving gifts, buying and selling stocks and assets and other forms of investment. Your agent, with the best will in the world, could make a poor enterprise decision and invest in a bad company, and as a succeed you lose large amounts of money. They could even technically bankrupt you.

It therefore becomes primary that you chose not only man you can trust, but man with a minute sense. If possible, try and pick man like-minded, who you admittedly believe will act as you will in any given situation. If you do have stocks and investments, ensure your agent has regular meetings with financial experts that you trust and have experience with. They can't stop all bad decisions, but an experienced broker or trader can probably prevent the worst from happening.

Another issue that may be worth considering is that your agent can admittedly vote on your behalf. If you are strongly politically minded, remember that they may be able to vote for a party or issue that you staunchly disagree with - and in your name. If you fear this may be an issue, consider choosing man of a similar political affiliation or, better yet, man apolitical.

Sadly, all you can do is minimize the risks; absolute prevention is impossible. Make the best decision about who you select for your agent, and then wise up your friends and family. If they conjecture that the agent is acting incorrectly, illegally or against your wishes, they can apply to a lawyer for the power of attorney to be revoked. They will need to have some proof of why they believe this; but often, mere investigation will stop most agents acting incorrectly.

Remember, the vast majority of agents act admittedly as you would wish, and have only your best interests at heart. But the saying is true; you can never be too careful, so take all the precautions you can.

Disclaimer: This article is for informational and entertainment purposes only, and should not be construed as legal guidance on any subject matter.

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