Power of Attorney
What You Need to Know Before Signing
A Power of Attorney is a document that gives one person (the designated agent), the legal authority to act on behalf of another person (the principal), for some or all financial matters. A power of attorney designation creates a fiduciary responsibility between the principal and agent.
In these situations, the agent owes the loyalty to the principal and must act in the principal’s best interest, not his or her own. A power of attorney in the wrong hands can result in a financial predator stealing money, transferring assets or taking other adverse action against the principal.
Far too often, when allegations of power of attorney theft or fraud are reported to police or Adult Protective Services (APS), victims are told that it is a “civil matter” In most cases, this is not true and a thorough investigation should be conducted. Power of attorney abuse cases will be discussed in the presentation. This presentation identifies:
- The types of power of attorney
- Do’s and Don’ts when granting power of attorney
- Power of attorney theft and fraud from the police perspective and victim perspective