Loved One’s Friend Abusing a Power of Attorney

When your loved one’s friend abuses a power of attorney, that can mean serious financial consequences for your loved one’s well being and diminishes your future inheritance. A power of attorney gives your loved one’s friend the authority to make legal and financial decisions for your loved ones regarding such matters as bank accounts, the purchase and sale of real estate and the management, stock and bond transactions, retirement plans, investments and disposition of other assets. The power attorney doesn’t work for things such as voting, revoking or amending a will, divorce or marriage matters or fulfilling personal services under a contract matter.

A friend can be a neighbor, someone your loved one knows from church or other social situation. Sometimes fraudsters target elderly people and befriend them with the intention of defraud them and their heirs of their money. At other times, friends see an opportunity and cannot resist the temptation.

By creating a power of attorney and giving your loved one’s friend such important powers, your loved one exposed themselves to a potential for fraud, self-interest and embezzlement by your loved one’s friend. A situation where large sums of money and substantial assets are involved and readily accessible can create a temptation for your loved one’s friend. Children sometimes abuse their loved ones’ powers of attorney, when the elderly loved one needs elder care and are physically disabled or mentally incapacitated. A financially abusive friend could leave a your loved one’s estate and their heirs without any assets or inheritance.

A power of attorney is in effect until your loved one dies unless there is an expiration limit. Or, your loved one can revoke the power of attorney at any time by giving written notice to your loved one’s friend (hopefully with a copy of the notice to you). Abuses of powers of attorney by a friend can be financially and emotionally devastating to the loved ones, who may feel surprised and betrayed by this misconduct.

Since there is such a huge potential for disagreements and fraudulent acts to arise, creating a power of attorney can lead to potential future lawsuits if loved ones choose the wrong friend as the power of attorney. A loved one should carefully consider which one of their children (if any) should act as their power of attorney. If a loved one does decide to name a child as a power of attorney, they should pick the child who possess traits of trust, honor and integrity.

How can my friend abuse a power of attorney

• Opening joint bank accounts and naming the friend as a beneficiary or co-owner with right of survivorship
• Purchasing life insurance policies with your loved one as insured and naming the friend as a beneficiary or changing existing life insurance account beneficiaries
• Purchasing real estate with your loved one’s money and transferring title of real estate for the benefit of the friend
• Unauthorized gifting to the friend
• Outright theft by friend of the loved one’s property
• Unauthorized use by friend of credit cards or establishing credit under the loved one’s name

Can my friend go to jail for abusing a power of attorney?

Serious abuses generally involve state and/or federal crimes of embezzlement, theft, identity theft, fraud or forgery, but it is unlikely that your loved one’s friend will face jail time, as your loved one is unlikely to press charges against their child. However, your loved one’s friend can face fines as well as civil litigation and restitution of funds and property to your loved one’s estate and to you as a beneficiary.

What can I do if my friend is abusing a power of attorney?

Although your loved one can revoke the power of attorney that your loved one’s friend is abusing and can sue your loved one’s friend to get the money back, they are often too old and frail and don’t have the will power or sometimes even the mental capacity to bring a lawsuit. They also feel bad for the friend who took the money from them, thinking that they don’t want that child to get into any kind of trouble with the law. One option may be to obtain guardianship over your loved one. Once a guardian, you can bring a lawsuit against your loved one’s friend abusing the power of attorney on grounds that a fiduciary duty was broken, tortuous interference or other causes of action to get the embezzled funds or property returned to the loved one, and ultimately to benefit the estate and beneficiaries. There are some downsides to the guardianship proceeding, the most common downside being that your loved one can resent you for bringing a proceeding which compromises their independence. These matters are complex, time-consuming and most people require the assistance of an experienced New York probate estate litigation attorney to help resolve matters for them in court.

If you wish to speak to a New York estate attorney, call the Law Offices of Albert Goodwin at (212) 233-1233 or (718) 509-9774..

A Caretaker Abusing a Power of Attorney – what can you do about it

the caretaker abusing a power of attorney

When the caretaker abuses a power of attorney, that can mean serious financial consequences for your loved one’s well being and diminishes your future inheritance.

By creating a power of attorney and giving the caretaker such important powers, your loved one exposed themselves to a potential for fraud, self-interest and embezzlement by the caretaker. A situation where large sums of money and substantial assets are involved and readily accessible can create a temptation for the caretaker.

If you are having issues with the caretaker who is abusing power of attorney or being unjustly accused of such, we at the Law Offices of Albert Goodwin are here for you. You can call us at 718-509-9774 or send us an email at attorneyalbertgoodwin@gmail.com.

A caretaker can abuse your loved one’s powers of attorney, when the elderly person are physically disabled or mentally incapacitated. A financially abusive caretaker could leave your loved one’s estate and their heirs without any assets or inheritance.

A power of attorney gives the caretaker the authority to make legal and financial decisions for your loved ones regarding such matters as bank accounts, the purchase and sale of real estate and the management, stock and bond transactions, retirement plans, investments and disposition of other assets.

(At least the power attorney doesn’t work for things such as voting, revoking or amending a will, divorce or marriage matters or fulfilling personal services under a contract matter.)

A power of attorney is in effect until your loved one dies unless there is an expiration limit. Or, your loved one can revoke the power of attorney at any time by giving written notice to the caretaker (hopefully with a copy of the notice to you). Abuses of powers of attorney by a the caretaker can be financially and emotionally devastating to the loved ones, who may feel surprised and betrayed by this misconduct.

Since there is such a huge potential for disagreements and fraudulent acts to arise, creating a power of attorney can lead to potential future lawsuits if loved ones chooses the a caretaker as the power of attorney.

How can the caretaker abuse a power of attorney

There are plenty of ways in which the caretaker can abuse a power of attorney. Here are some examples:

Opening joint bank accounts and naming the caretaker as a beneficiary or co-owner with right of survivorship
Purchasing life insurance policies with your loved one as insured and naming the caretaker as a beneficiary or changing existing life insurance account beneficiaries
Purchasing real estate with your loved one’s money and transferring title of real estate for the caretaker’s benefit
Unauthorized gifting to the caretaker
Outright theft by the caretaker of the loved one’s property
Unauthorized use by the caretaker of credit cards or establishing credit under the loved one’s name

What can I do if I suspect my loved one’s caretaker is abusing a power of attorney?

Ask the caretaker to return the money or property

This may or may not work, but you can always just ask the caretaker to return the money or property. It could be that their plan was to only abuse the power of attorney if they could get away with it. Now that they are discovered, they may decide to cut their losses and not have to deal with a civil lawsuit or even criminal prosecution, and they might just return the money or property in question.

Ask your loved one to revoke the power of attorney

The simples thing to do would be to explain to your loved one that they are possibly being defrauded by the caretaker, and ask them to revoke the power of attorney in writing (hopefully with a copy to you). You may or may not choose to follow up and make sure that the caretaker is no longer in any power of authority over any of your loved one’s assets.

Bring a lawsuit against the caretaker

Your loved one can contest the power of attorney in court by suing the caretaker on grounds that a fiduciary duty was broken, tortuous interference or other causes of action to get the embezzled funds or property returned to your loved one. These matters are complex, time-consuming and most people require the assistance of an experienced litigation attorney to help resolve matters for them in court.

Although your loved one can revoke the power of attorney that the caretaker is abusing and can sue the caretaker to get the money back, they are often too old and frail and don’t have the will power or sometimes even the mental capacity to bring a lawsuit. They also feel bad for the caretaker, thinking that they don’t want them to get into any kind of trouble with the law.

Place a guardianship over your loved one

One option may be to obtain guardianship over your loved one. Once you are a guardian, you can bring a lawsuit against the caretaker abusing the power of attorney on grounds that a fiduciary duty was broken, tortuous interference or other causes of action to get the embezzled funds or property returned to your loved one and ultimately to benefit the estate and beneficiaries.

There are some downsides to the guardianship proceeding, the most common downside being that your loved one can resent you for bringing a proceeding which compromises their independence. These matters are complex, time-consuming and most people require the assistance of an experienced New York guardianship attorney to help resolve matters for them in court.

Is abusing a power of attorney criminal, can the caretaker go to jail for it?

A caretaker abusing a power of attorney can leave your loved one’s estate and their heirs without any assets or inheritance. The caretaker’s power of attorney abuse described above typically involves one or more of the following potentially criminal conduct:

Embezzlement
Theft
Identity theft
Fraud
Forgery

Having said that, it is unlikely that the caretaker will face jail time, as your loved one is unlikely to press charges against their relative. Besides, the police tends to view power of attorney abuse as a civil matter.

Can I report the abuse to adult protective services?

Reporting power of attorney abuse to the adult protective services is likely to not yield a result, as those government agencies typically view this issue as a civil matter. Your best opportunity to resolve the situation is to retainer the services of an attorney who has experience in these kind of matters. However, if other types of abuse are present, then you do want to report the abuse to adult protective services.

How can I prove that the caretaker is abusing a power of attorney

You can prove that the caretaker is abusing a power of attorney by looking at your loved one’s financial statements and property records. If the caretaker is indeed abusing the power of attorney, then you will see transfers of money or property to the caretaker or unexplained cash withdrawals. You can ask your loved one to show those documents to you or to give you access to those documents. If that is not possible, then your attorney would know how to get those documents.

A power of attorney is in effect until

The person who made it dies
It expires (if it has an expiration date)
It’s revoked by your loved one, who can revoke it by giving written notice to the caretaker
It is successfully contested and is revoked by the court

How much does it cost to hire a lawyer for this type of matter

Attorneys generally charge by the hour. In our firm, we charge $400 per hour and require a retainer deposit of $4,000 to work on a case. No one likes to spend money on lawyers, but if the alternative is your parent continuing to suffer power of attorney abuse and your future inheritance to keep getting diminished, it seems like an easy choice to make.

A Cousin Abusing a Power of Attorney – what can you do about it

When your cousin abuses a power of attorney, that can mean serious financial consequences for your loved one’s well being and diminishes your future inheritance.

Abuses of powers of attorney can be financially and emotionally devastating to your loved one’s estate and their heirs and beneficiaries. If you are suspecting that your cousin is abusing a power of attorney, your goals are to

have your loved one revoke the power of attorney
have your cousin return the money and property
contest the power of attorney
have the court revoke, set aside or cancel out the power of attorney
find other ways of assisting your loved one

By creating a power of attorney and giving your cousin such important powers, your loved one exposed themselves to a potential for fraud, self-interest and embezzlement by your cousin. A situation where large sums of money and substantial assets are involved and readily accessible can create a temptation for your cousin.

Relatives sometimes abuse their loved ones’ powers of attorney, when the elderly loved one needs elder care and are physically disabled or mentally incapacitated. A financially abusive cousin could leave a your loved one’s estate and their heirs without any assets or inheritance.

Since there is such a huge potential for disagreements and fraudulent acts to arise, creating a power of attorney can lead to potential future lawsuits if loved ones choose the wrong cousin as the power of attorney. A person should carefully consider which one of their relatives (if any) should act as their power of attorney. If someone does decide to name a relative as a power of attorney, they should pick the relative who possess traits of trust, honor and integrity and who has earned the trust of all the other relatives.

What is considered power of attorney abuse

There are plenty of ways in which a person can abuse a power of attorney. Here are some examples:

Opening joint bank accounts and naming the cousin as a beneficiary
Purchasing life insurance policies and naming the cousin as a beneficiary
changing existing life insurance account beneficiaries
Purchasing real estate with your loved one’s money and transferring title of real estate for the benefit of the cousin
Unauthorized gifting to self
Unauthorized gifting to individuals and charities
Theft of property
Self-dealing
Unauthorized use of credit cards
Establishing credit under your loved one’s name

What can I do if I suspect my cousin is abusing a power of attorney?

Ask your cousin to return the money or property

This may or may not work, but you can always just ask your cousin to return the money or property. It could be that their plan was to only abuse the power of attorney if they could get away with it. Now that they are discovered, they may decide to cut their losses and not have to deal with a civil lawsuit or even criminal prosecution, and they might just return the money or property in question.

Ask your loved one to revoke the power of attorney

The simples thing to do would be to explain to your loved one that they are possibly being defrauded by your cousin, and ask them to revoke the power of attorney in writing (hopefully with a copy to you). You may or may not choose to follow up and make sure that your cousin is no longer in any power of authority over any of your loved one’s assets.

Bring a lawsuit against your cousin

Your loved one can contest the power of attorney in court by suing your cousin on grounds that a fiduciary duty was broken, tortuous interference or other causes of action to get the embezzled funds or property returned to your loved one. These matters are complex, time-consuming and most people require the assistance of an experienced litigation attorney to help resolve matters for them in court.

Although your loved one can revoke the power of attorney that your cousin is abusing and can sue the cousin to get the money back, they are often too old and frail and don’t have the will power or sometimes even the mental capacity to bring a lawsuit. They also feel bad for your cousin, thinking that they don’t want them to get into any kind of trouble with the law.

Place a guardianship over your loved one

One option may be to obtain guardianship over your loved one. Once you are a guardian, you can bring a lawsuit against the cousin abusing the power of attorney on grounds that a fiduciary duty was broken, tortuous interference or other causes of action to get the embezzled funds or property returned to your loved one and ultimately to benefit the estate and beneficiaries.

Is abusing a power of attorney criminal, can my cousin go to jail for it?

A cousin abusing a power of attorney can leave your loved one’s estate and their heirs without any assets or inheritance. Your cousin’s power of attorney abuse described above typically involves one or more of the following potentially criminal conduct:

Embezzlement
Theft
Identity theft
Fraud
Forgery

Having said that, it is unlikely that your cousin will face jail time, as your loved one is unlikely to press charges against their relative. Besides, the police tends to view power of attorney abuse as a civil matter.

Can I report the abuse to adult protective services?

How can I prove that my cousin is abusing a power of attorney

You can prove that your cousin is abusing a power of attorney by looking at your loved one’s financial statements and property records. If your cousin is indeed abusing the power of attorney, then you will see transfers of money or property to your cousin or unexplained cash withdrawals. You can ask your loved one to show those documents to you or to give you access to those documents. If that is not possible, then your attorney would know how to get those documents.

A power of attorney has a lot of potential for your cousin to abuse it

If your loved one gave your cousin a power of attorney, it may make sense for you to look closely into the arrangement. Perhaps ask for some financial records just to be on the safe side. You can never be too careful when it comes to power of attorney, due to the potential for abuse. A power of attorney gives your cousin the authority to make legal and financial decisions for your loved one regarding such matters as

bank accounts, including withdrawals and transfers
the purchase and sale of real estate
management of assets
stock and bond transactions
retirement plans
investments
buying and selling assets

By creating a power of attorney and giving someone such important powers, there is a potential for fraud, self-interest and embezzlement by a your cousin, especially where large sums of money and substantial assets are involved and readily accessible. A situation where large sums of money and substantial assets are involved and readily accessible can create a temptation that would be hard for your cousin to resist.

A power of attorney is in effect until

The person who made it dies
It expires (if it has an expiration date)
It’s revoked by your loved one, who can revoke it by giving written notice to your cousin
It is successfully contested and is revoked by the court

How much does it cost to hire a lawyer for this type of matter

Attorneys generally charge by the hour. In our firm, we charge $400 per hour and require a retainer deposit of $4,000 to work on a case. No one likes to spend money on lawyers, but if the alternative is your loved one continuing to suffer power of attorney abuse and your future inheritance to keep getting diminished, it seems like an easy choice to make.

We at the Law Offices of Albert Goodwin are here for you. We have offices in Brooklyn, NY, Manhattan and Queens. You can send us an email at attorneyalbertgoodwin@gmail.com or call us at 718-509-9774.

My Sister is Abusing a Power of Attorney – what can I do about it

When your sister abuses a power of attorney, that can mean serious financial consequences for your parent’s well being and diminishes your future inheritance.

Abuses of powers of attorney can be financially and emotionally devastating to your parent’s estate and their heirs and beneficiaries. If you are suspecting that your sister is abusing a power of attorney, your goals are to

have your parent revoke the power of attorney
have your sister return the money and property
contest the power of attorney
have the court revoke, set aside or cancel out the power of attorney
find other ways of assisting your parent

By creating a power of attorney and giving your sister such important powers, your parent exposed themselves to a potential for fraud, self-interest and embezzlement by your sister. A situation where large sums of money and substantial assets are involved and readily accessible can create a temptation for your sister.

Children sometimes abuse their parents’ powers of attorney, when the elderly parent needs elder care and are physically disabled or mentally incapacitated. A financially abusive sister could leave a your parent’s estate and their heirs without any assets or inheritance.

Since there is such a huge potential for disagreements and fraudulent acts to arise, creating a power of attorney can lead to potential future lawsuits if parents choose the wrong sibling as the power of attorney. A parent should carefully consider which one of their children (if any) should act as their power of attorney. If a parent does decide to name a child as a power of attorney, they should pick the child who possess traits of trust, honor and integrity and who has earned the trust of their sisters.

What is considered power of attorney abuse

There are plenty of ways in which a person can abuse a power of attorney. Here are some examples:

Opening joint bank accounts and naming the sister as a beneficiary
Purchasing life insurance policies and naming the sister as a beneficiary
changing existing life insurance account beneficiaries
Purchasing real estate with your parent’s money and transferring title of real estate for the benefit of the sister
Unauthorized gifting to self
Unauthorized gifting to individuals and charities
Theft of property
Self-dealing
Unauthorized use of credit cards
Establishing credit under your parent’s name

What can I do if I suspect my sister is abusing a power of attorney?

Ask your sister to return the money or property

This may or may not work, but you can always just ask your sister to return the money or property. It could be that their plan was to only abuse the power of attorney if they could get away with it. Now that they are discovered, they may decide to cut their losses and not have to deal with a civil lawsuit or even criminal prosecution, and they might just return the money or property in question.

Ask your parent to revoke the power of attorney

The simples thing to do would be to explain to your parent that they are possibly being defrauded by your sister, and ask them to revoke the power of attorney in writing (hopefully with a copy to you). You may or may not choose to follow up and make sure that your sister is no longer in any power of authority over any of your parent’s assets.

Bring a lawsuit against your sister

Your parent can contest the power of attorney in court by suing your sister on grounds that a fiduciary duty was broken, tortuous interference or other causes of action to get the embezzled funds or property returned to your parent. These matters are complex, time-consuming and most people require the assistance of an experienced litigation attorney to help resolve matters for them in court.

Although your parent can revoke the power of attorney that your sister is abusing and can sue the sister to get the money back, they are often too old and frail and don’t have the will power or sometimes even the mental capacity to bring a lawsuit. They also feel bad for your sister, thinking that they don’t want them to get into any kind of trouble with the law.

Place a guardianship over your parent

One option may be to obtain guardianship over your loved one. Once you are a guardian, you can bring a lawsuit against the sister abusing the power of attorney on grounds that a fiduciary duty was broken, tortuous interference or other causes of action to get the embezzled funds or property returned to your parent and ultimately to benefit the estate and beneficiaries.

There are some downsides to the guardianship proceeding, the most common downside being that your parent can resent you for bringing a proceeding which compromises their independence. These matters are complex, time-consuming and most people require the assistance of an experienced New York guardianship attorney to help resolve matters for them in court.

Is abusing a power of attorney criminal, can my sister go to jail for it?

A sister abusing a power of attorney can leave your parent’s estate and their heirs without any assets or inheritance. Your sister’s power of attorney abuse described above typically involves one or more of the following potentially criminal conduct:

Embezzlement
Theft
Identity theft
Fraud
Forgery

Having said that, it is unlikely that your sister will face jail time, as your parent is unlikely to press charges against their child. Besides, the police tends to view power of attorney abuse as a civil matter.

Can I report the abuse to adult protective services?

How can I prove that my sister is abusing a power of attorney

You can prove that your sister is abusing a power of attorney by looking at your parent’s financial statements and property records. If your sister is indeed abusing the power of attorney, then you will see transfers of money or property to your sister or unexplained cash withdrawals. You can ask your parent to show those documents to you or to give you access to those documents. If that is not possible, then your attorney would know how to get those documents.

A power of attorney has a lot of potential for your sister to abuse it

If your parent gave your sister a power of attorney, it may make sense for you to look closely into the arrangement. Perhaps ask for some financial records just to be on the safe side. You can never be too careful when it comes to power of attorney, due to the potential for abuse. A power of attorney gives your sister the authority to make legal and financial decisions for your parent regarding such matters as

bank accounts, including withdrawals and transfers
the purchase and sale of real estate
management of assets
stock and bond transactions
retirement plans
investments
buying and selling assets
It is successfully contested and is revoked by the court

By creating a power of attorney and giving someone such important powers, there is a potential for fraud, self-interest and embezzlement by a your sister, especially where large sums of money and substantial assets are involved and readily accessible. A situation where large sums of money and substantial assets are involved and readily accessible can create a temptation that would be hard for your sister to resist.

A power of attorney is in effect until

The person who made it dies
It expires (if it has an expiration date)
It’s revoked by your parent, who can revoke it by giving written notice to your sister

How much does it cost to hire a lawyer for this type of matter

My Brother is Abusing a Power of Attorney – what can I do about it

When your brother abuses a power of attorney, that can mean serious financial consequences for your parent’s well being and diminishes your future inheritance.

Abuses of powers of attorney can be financially and emotionally devastating to your parent’s estate and their heirs and beneficiaries. If you are suspecting that your brother is abusing a power of attorney, your goals are to

have your parent revoke the power of attorney
have your brother return the money and property
contest the power of attorney
have the court revoke, set aside or cancel out the power of attorney
find other ways of assisting your parent

By creating a power of attorney and giving your brother such important powers, your parent exposed themselves to a potential for fraud, self-interest and embezzlement by your brother. A situation where large sums of money and substantial assets are involved and readily accessible can create a temptation for your brother.

Children sometimes abuse their parents’ powers of attorney, when the elderly parent needs elder care and are physically disabled or mentally incapacitated. A financially abusive brother could leave a your parent’s estate and their heirs without any assets or inheritance.

What is considered power of attorney abuse

There are plenty of ways in which a person can abuse a power of attorney. Here are some examples:

Opening joint bank accounts and naming the brother as a beneficiary
Purchasing life insurance policies and naming the brother as a beneficiary
changing existing life insurance account beneficiaries
Purchasing real estate with your parent’s money and transferring title of real estate for the benefit of the brother
Unauthorized gifting to self
Unauthorized gifting to individuals and charities
Theft of property
Self-dealing
Unauthorized use of credit cards
Establishing credit under your parent’s name

What can I do if I suspect my brother is abusing a power of attorney?

Ask your brother to return the money or property

This may or may not work, but you can always just ask your brother to return the money or property. It could be that their plan was to only abuse the power of attorney if they could get away with it. Now that they are discovered, they may decide to cut their losses and not have to deal with a civil lawsuit or even criminal prosecution, and they might just return the money or property in question.

Ask your parent to revoke the power of attorney

The simples thing to do would be to explain to your parent that they are possibly being defrauded by your brother, and ask them to revoke the power of attorney in writing (hopefully with a copy to you). You may or may not choose to follow up and make sure that your brother is no longer in any power of authority over any of your parent’s assets.

Bring a lawsuit against your brother

Your parent can contest the power of attorney in court by suing your brother on grounds that a fiduciary duty was broken, tortuous interference or other causes of action to get the embezzled funds or property returned to your parent. These matters are complex, time-consuming and most people require the assistance of an experienced litigation attorney to help resolve matters for them in court.

Although your parent can revoke the power of attorney that your brother is abusing and can sue the brother to get the money back, they are often too old and frail and don’t have the will power or sometimes even the mental capacity to bring a lawsuit. They also feel bad for your brother, thinking that they don’t want them to get into any kind of trouble with the law.

Place a guardianship over your parent

One option may be to obtain guardianship over your loved one. Once you are a guardian, you can bring a lawsuit against the brother abusing the power of attorney on grounds that a fiduciary duty was broken, tortuous interference or other causes of action to get the embezzled funds or property returned to your parent and ultimately to benefit the estate and beneficiaries.

Is abusing a power of attorney criminal, can my brother go to jail for it?

A brother abusing a power of attorney can leave your parent’s estate and their heirs without any assets or inheritance. Your brother’s power of attorney abuse described above typically involves one or more of the following potentially criminal conduct:

Embezzlement
Theft
Identity theft
Fraud
Forgery

Having said that, it is unlikely that your brother will face jail time, as your parent is unlikely to press charges against their child. Besides, the police tends to view power of attorney abuse as a civil matter.

Can I report the abuse to adult protective services?

How can I prove that my brother is abusing a power of attorney

You can prove that your brother is abusing a power of attorney by looking at your parent’s financial statements and property records. If your brother is indeed abusing the power of attorney, then you will see transfers of money or property to your brother or unexplained cash withdrawals. You can ask your parent to show those documents to you or to give you access to those documents. If that is not possible, then your attorney would know how to get those documents.

A power of attorney has a lot of potential for your brother to abuse it

If your parent gave your brother a power of attorney, it may make sense for you to look closely into the arrangement. Perhaps ask for some financial records just to be on the safe side. You can never be too careful when it comes to power of attorney, due to the potential for abuse. A power of attorney gives your brother the authority to make legal and financial decisions for your parent regarding such matters as

bank accounts, including withdrawals and transfers
the purchase and sale of real estate
management of assets
stock and bond transactions
retirement plans
investments
buying and selling assets

By creating a power of attorney and giving someone such important powers, there is a potential for fraud, self-interest and embezzlement by a your brother, especially where large sums of money and substantial assets are involved and readily accessible. A situation where large sums of money and substantial assets are involved and readily accessible can create a temptation that would be hard for your brother to resist.

A power of attorney is in effect until

The person who made it dies
It expires (if it has an expiration date)
It’s revoked by your parent, who can revoke it by giving written notice to your brother
It is successfully contested and is revoked by the court

How much does it cost to hire a lawyer for this type of matter

Does an Out-of-State Power of Attorney Work in New York?

When you use an out-of-state power of attorney in New York, results can be unpredictable. People move to or from another state during their lifetimes. You need to update legal documents such as driver’s licenses, insurance, social security, etc. It’s a hassle, but it needs to be done. A thing you wouldn’t think of right away is a Power of Attorney, a Will, a Trust or any other estate planning documents.

Officially, a power of attorney that is appropriately signed in one state is valid in New York. For example, if someone correctly signed a power of attorney under Florida law, the agent would be able to use that form to conduct business within the state of New York. The person signing the power of attorney would not have to sign a separate New York form. In reality, though, many New York institutions will not accept an out-of-state power of attorney, even if it is officially valid.

If you are having issues with a Power of Attorney and would like to consult with an attorney, you can send us an email at attorneyalbertgoodwin@gmail.com.

When someone signs a power of attorney in one state and then moves to another state, that power of attorney would still be valid after they moved. An example of this is when the principal executes a valid power of attorney while a Florida resident and then moves to New York, the power of attorney would be valid in New York. However, when making such a move, it is advisable to talk to a New York estate attorney to discuss updating all of your estate plans after such a move to make sure that everything is up to date and best suited for New York law. Not only will this ensure that all the forms are proper, but there is less of a chance of someone in New York not honoring the power of attorney for being from out of state, regardless of validity.

What does not work, however, is executing a New York power of attorney in another state. If, for example, someone wants to sign the New York Power of Attorney statutory short form, they would have to do so within the state of New York. The principal would not be able to sign in Florida and still have the power of attorney be valid. However, it is still possible for the agent to sign and have his part of the power of attorney notarized outside of New York and still have the power of attorney be valid. It is the principal’s signature that must take place within the state.

While many people think of a power of attorney form to be something they can do themselves, the complexity surrounding both powers of attorney and estate planning in general means that it is best to have a New York estate attorney on your side to assist you and make sure it works.

We at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at attorneyalbertgoodwin@gmail.com.

Can a Power of Attorney Transfer a House to Themselves?

For years, the state of New York allowed quite a bit of leniency with the power given to an assigned agent, also referred to as a Power of Attorney. Unfortunately, this led to several incidences of criminal fraud. At the very least, it led to behavior and decisions that were unethical. In an effort to prevent misuse of power given to an agent, New York began creating legislation and amendments that prevented fraud at the cost of a vulnerable adult.

Changes Made to the General Obligations Law in Regards to Gifts and Transfers

The primary purpose for further evaluation, debate and law changes of the General Obligations Law (GOL) was to prevent fraud caused by greed. After a near 10 year back and forth debate, amendments have been made to ensure the protection of those who have given power of attorney to another. Now, property transfers and cash gifts have been limited. Additionally, gifts have a monetary limit.

Considerations that Required Allowances

Since the assignment of power of attorney is a vital part of estate planning, certain considerations had to be thoroughly evaluated. For instance, POA agents were often elected to handle financial matters. Additionally, many NYC individuals required cash gifts to certain charitable organizations as part of their personal wishes. To allow for agents to perform their duties, in regards to gifting and property transfers, additional forms were created.

Statutory Major Gifts Rider (SMGR) Grants Agents with Additional Power

Prior to the newly revamped GOL, those with power of attorney had complete freedom with all monetary matters. As of September 1, 2009, POAs have limited power, primarily they are allowed to make financial decisions and pay bills when needed. However, this standard wouldn’t be able to allow for the proper handling of many high-value estates.

To satisfy the needs of all estates, the SMGR was created. It allows POA agents special permissions, in accordance with the principal’s wishes. By having an SMGR in place, agents are able to complete gifting within normal behavioral history. For example, small gifts to family members, such as birthday gifts, can be completed each year. Charitable organizations, who typically receive large cash gifts, can continue to receive them through a POA agent, based on the previous history. Property transfers can also be handled as per the principal’s wishes.

Added Protection to Counter Fraudulent Actions

As a safeguard against fraud, the SMGR also enables a “freeze” to the power of attorney actions. This basically means that should an estate planner believe that the Principle’s wishes are being overlooked and that a POA agent is gifting in a way that would financially benefit them, all agent power can be immediately halted.

The Importance of Including an SMGR

Those who have elected to bypass the SMGR, are left without recourse. In other words, agent power will remain in effect until the power of attorney has ended. Additionally, in the event that a cash gift is desired to a select person or group, it’s limited to $500. This ensures that a power of attorney agreement can be used as intended, it’s wise to include an SMGR.

If you need help with a power of attorney in New York City, contact the Law Offices of Albert Goodwin at (212) 233-1233.

What Is a New York Springing Power of Attorney?

A Springing Power of Attorney, also known as a Power of Attorney to be Effective at a Later Time, is widely used in New York as a safeguard in the event of a disability. It allows someone close to you to make decisions for you in the event of your incapacity. It helps avoid a lapse in the management of finances and helps avoid an expensive and lengthy guardianship proceeding.

Let’s say that you become mentally incapacitated. Once your physician certifies that you are now mentally incapacitated and can no longer make legal and financial decisions on your own behalf, your Springing Power of Attorney springs into use so that your designated agent can now make those important decisions on your behalf. Your family has the peace of mind that your needs are being taken care of and met.

A Power of Attorney is a legal document that gives someone legal authority to act on another person’s behalf. The maker is called the Principal, and the person receiving the authority is referred to as the Agent or Attorney-in-Fact. A Principal can give an agent broad or narrow powers.

A Power of Attorney can be used when someone is ill, disabled, out of the country, or unavailable. It can be used to make decisions for a person who became mentally or physically incapacitated, but one has to be careful when having people in those situations make a New York Power of Attorney, as they may lack capacity.

The power of attorney we are discussing is called the Springing Power of Attorney. A Springing Power of Attorney is a Power of Attorney that takes effect at a later date upon the condition of a certain event.

Other Types of Powers of Attorney

Nondurable Power of Attorney. A nondurable Power of Attorney becomes effective immediately and remains in effect until it is revoked by the Principal or the Principal becomes incapacitated or passes away. A Nondurable Power of Attorney can be used for a specific or special event. As an example, the Nondurable Power of Attorney is used frequently in connection with the sale of real property.

A Durable Power of Attorney becomes effective immediately and allows the agent to act on behalf of the Principal after the Principal becomes mentally incompetent or physically unable to make any decisions. The Power of Attorney remains in effect until it is revoked or upon the Principal’s death.
To reiterate, having a New York Springing Power of helps a person plan for the management of their affairs and helps the person’s family avoid the legal costs and time of having to go to court to have a guardian appointed. Click here for more information on the uses of New York Power of Attorney.

A New York probate and estate attorney can prepare a Springing Power of Attorney or other Power of Attorney as well as assist with the drafting of a will and/or trust. A New York probate and estate attorney also represent executors or administrators of estates, beneficiaries and other interested parties to a New York estate in connection with probate and estate matters including will contests and estate tax matters.

If you wish to speak to a New York City estate attorney, call the Law Offices of Albert Goodwin at (212) 233-1233.

Uses of New York Power of Attorney

A Power of Attorney is a great tool to designate someone you trust to transact your business when you are unable to do so yourself.

Power of Attorney effective at a later time – We recommend having a “Power of Attorney effective at a later time”, also known as “springing power of attorney.” This kind of a power of attorney only kicks in upon disability and has no effect otherwise. Click here for information on how a Springing Power of Attorney can help in New York Estate Planning.

Power of Attorney for emergency situations – A power of attorney is also useful in emergency situations such as an illness, where a person knows that they are about to become disabled in a way that will make it difficult to make financial decisions.

There is a general Power of Attorney, a broad power that can be given for most legal or business transactions including the purchase and sale of real or personal property, managing financial accounts, paying bills or filing income tax returns. There is also a limited Power of Attorney, executed to serve a limited purpose and for a limited time.

For most people, it’s a great idea to have a power of attorney as part of their estate planning in case of an emergency or a short or long term disability or illness. They’re inexpensive and carry little or no risk.

Because New York’s power of attorney law recently changed, it’s not advisable to execute a form power of attorney sold in office supplies store, as those are not in compliance with the official New York power of attorney form.

If you wish to make a New York Power of Attorney, call the Law Offices of Albert Goodwin at (212) 233-1233.

Does a New York Power of Attorney Terminate When a Person Dies?

A New York Power of Attorney terminates when the person who executed it dies. Using a Power of Attorney after someone’s death is illegal and can be treated as fraud in a civil case. If you are concerned that someone abused a power of attorney during the lifetime of a person in whose estate you are a beneficiary, you may be able to get an accounting. You have up to six years from when the power of attorney resigned or the principal died to ask for such accounting.

If you need an attorney in connection with improper use of Power of Attorney, call the Law Offices of Albert Goodwin at (212) 233-1233.