Shopping Cart
Your Cart is Empty
Quantity:
Subtotal
Taxes
Shipping
Total
There was an error with PayPalClick here to try again
CelebrateThank you for your business!You should be receiving an order confirmation from Paypal shortly.Exit Shopping Cart

My Blog

Blog

What are the Risks of a Power of Attorney?

Posted on July 5, 2022 at 4:25 PM

What Is a Power of Attorney? What Are the Risks of a Power of Attorney?


 

A power of attorney (POA) can be a useful tool in many situations, but you need to know the

dangers of having a POA or being named as the agent in someone else’s POA. The person who

creates and signs a power of attorney is the grantor or maker of the POA. The individual the

grantor names to act on behalf of the grantor is the agent.

You will want to talk to a Missouri estate planning attorney if you are thinking about signing a

POA or if someone asked you to serve as their agent in their POA. I will be happy to answer

your questions and draft your POA or provide legal guidance if you are the agent in someone

else’s document.


A Quick Overview of a Power of Attorney

A power of attorney is a legal document that gives authority for one person (the agent) to act

as directed for another person (the grantor). Only the grantor can create the POA. Someone

else cannot create a POA that gives them the legal power to take your control away from you.

Making a power of attorney is always a voluntary decision, and you can revoke a POA at any

time as long as you still have legal capacity. If you have the mental and legal capacity to create a

POA, you have the right to revoke the paper as well. The level of capacity required to make and

sign a POA is the same as for entering into a contract or signing a will.

With the POA, your bank and other financial institutions will allow your agent to do the things

that you specify in the POA, the same as if you were there in person to make those

transactions.


Short-Term POAs

One of the most common uses for a short-term POA is to empower someone else to attend and

sign documents for you if you will not be available to attend a real estate closing. The POA will

contain specific terms that limit what your agent (not your real estate agent, but the person

you name in the POA) is allowed to do.

The POA will expire soon after the closing. The person who serves as your agent signs the

closing documents in your name, with the deed, title, and other papers being for your benefit,

not the benefit of the agent. The agent is not allowed to take any actions other than those

specified in the POA.

With a POA, you will not have to cancel your vacation or reschedule the closing. You can truly

have your cake and eat it, too. You can go ahead with your travel plans and buy the house of

your dreams.

 

Long-Term POAs

There are two main categories of long-term POAs – medical and financial. A medical power of

attorney lets you decide who will make decisions for you or follow your instructions if you

become incapacitated. A financial POA, also called a general power of attorney, empowers

someone to handle your financial matters if you become unable to do so or if you would rather

not be bothered with money management.

These POAs need to be “durable,” which means that they are still valid if you become

incapacitated. You could have a POA that is not durable, but you should talk with a lawyer

about whether that document will meet your needs.


The Danger of Having a POA

One of the greatest risks of giving another person the legal authority to handle your money or

other assets is that they might use the POA to steal from you. Trust is one of the most crucial

factors in entering into a POA.


The Risk of Serving as Someone’s Agent Under a POA

Sometimes, an agent can be personally liable for actions taken under a POA. You do not want to

get accused of mishandling someone else’s money. Honest mistakes are seldom grounds for

personal liability, but gross negligence that causes financial harm to others could lead to a

lawsuit.

A Missouri estate planning attorney at the Faulstich Law Firm can answer your questions about

powers of attorney and draft the document for you or review a POA someone has asked you to

sign. Also, we can provide guidance on how to fulfill your duties as an agent under someone

else’s power of attorney.

Categories: None

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

2014 Comments

Reply off white jordan 1
10:03 PM on July 8, 2022 
I would like to show appreciation to this writer just for rescuing me from this instance. Because of surfing throughout the search engines and finding strategies which are not productive, I thought my life was well over. Existing without the presence of answers to the issues you have solved through your good write-up is a serious case, as well as the ones which might have adversely damaged my entire career if I had not come across your web page. Your own personal capability and kindness in maneuvering all the things was very useful. I don't know what I would've done if I had not discovered such a solution like this. I am able to at this time relish my future. Thanks a lot very much for your reliable and results-oriented help. I will not think twice to refer your web site to any individual who ought to have assistance about this issue.
off white jordan 1 http://www.offwhitexjordan1.com
Reply supreme clothing
10:04 PM on July 8, 2022 
I wish to point out my gratitude for your kindness for men and women who really need assistance with your content. Your special commitment to getting the message all around was remarkably interesting and have regularly enabled folks much like me to attain their endeavors. Your new valuable tips and hints denotes a whole lot a person like me and even more to my colleagues. Best wishes; from everyone of us.
supreme clothing http://www.supremenewyork.us.com
Reply supreme
10:04 PM on July 8, 2022 
Thanks a lot for providing individuals with a very nice opportunity to read from this web site. It can be so useful and full of a lot of fun for me personally and my office peers to visit your site at the very least three times in one week to find out the latest guides you have. And lastly, I'm so always pleased concerning the striking hints served by you. Some 3 tips in this post are definitely the most effective I've ever had.
supreme http://www.supremes.us.org
Reply jordan shoes
10:05 PM on July 8, 2022 
I precisely needed to appreciate you yet again. I'm not certain the things that I might have followed in the absence of these methods discussed by you over such a theme. It actually was an absolute difficult situation in my position, however , noticing a professional strategy you handled that forced me to leap with gladness. I will be happy for this service and in addition hope you recognize what an amazing job you are always providing instructing most people through your website. Probably you have never met all of us.
jordan shoes http://www.jordansshoes.us.org
Reply air jordan
10:36 PM on July 8, 2022 
My husband and i got now satisfied when Peter managed to finish off his researching out of the precious recommendations he received using your web page. It's not at all simplistic to just continually be giving away strategies which usually some other people could have been selling. And we all keep in mind we now have you to appreciate for that. The most important explanations you made, the straightforward site navigation, the friendships you will help to foster - it's got all powerful, and it's aiding our son and the family recognize that the theme is amusing, which is rather mandatory. Many thanks for the whole thing!
air jordan http://www.airjordansstore.com
Reply air jordan
10:40 PM on July 8, 2022 
I simply wanted to thank you so much once again. I do not know the things I would have followed without the actual ways documented by you relating to this theme. It had become the distressing difficulty in my view, nevertheless understanding a new specialized avenue you solved that took me to weep over joy. I'm just happy for the work as well as pray you know what a great job you're getting into educating people today via a blog. Most likely you haven't encountered all of us.
air jordan http://www.cheapjordan.us
Reply yeezy 380
11:11 PM on July 8, 2022 
Thank you so much for providing individuals with an extremely special chance to check tips from this web site. It's always very terrific and packed with a lot of fun for me and my office fellow workers to visit your blog not less than 3 times a week to find out the new items you will have. And indeed, I'm certainly satisfied considering the dazzling techniques you serve. Some 3 ideas on this page are certainly the very best we have all ever had.
yeezy 380 http://www.yeezyboost380.us.com
Reply kyrie 6 shoes
11:42 PM on July 8, 2022 
I needed to put you the bit of observation to be able to thank you very much yet again over the awesome basics you have contributed at this time. This has been tremendously open-handed with people like you to present extensively just what many people would have sold for an e-book to get some bucks on their own, primarily given that you could have tried it if you ever considered necessary. Those concepts additionally served to be a fantastic way to be sure that other people online have similar passion the same as my own to understand great deal more in terms of this problem. I know there are some more pleasant occasions in the future for individuals who discover your website.
kyrie 6 shoes http://www.kyrie-6.com
Reply kyrie 5 shoes
12:45 AM on July 9, 2022 
My wife and i were fulfilled Louis could conclude his preliminary research via the precious recommendations he made through the web site. It is now and again perplexing to simply continually be handing out tips and hints which the rest might have been selling. We do know we now have the blog owner to give thanks to for that. Those explanations you made, the simple site menu, the relationships your site make it possible to promote - it's everything terrific, and it is facilitating our son in addition to the family reason why that idea is satisfying, which is certainly tremendously pressing. Thank you for all the pieces!
kyrie 5 shoes http://www.kyrie5.org
Reply off white shoes
1:34 AM on July 9, 2022 
I simply needed to thank you very much once again. I am not sure what I could possibly have followed in the absence of the entire concepts documented by you about such a theme. Certainly was a difficult matter for me, however , encountering a expert way you processed the issue forced me to weep for fulfillment. I am just happy for this assistance and then sincerely hope you know what an amazing job you have been getting into teaching some other people thru your site. Most probably you've never come across any of us.
off white shoes http://www.off---whiteshoes.com
Reply cheap kobes
2:03 AM on July 9, 2022 
Thank you so much for giving everyone a very memorable opportunity to read articles and blog posts from this site. It's always very pleasurable and as well , stuffed with a great time for me personally and my office fellow workers to search your web site no less than 3 times every week to find out the latest secrets you will have. And indeed, I am also actually contented for the attractive ideas served by you. Certain two facts in this article are undoubtedly the most beneficial we have all ever had.
cheap kobes http://www.kobebasketballshoes.net
Reply off white clothing outlet
2:23 AM on July 9, 2022 
I wish to point out my admiration for your generosity for men and women that really need assistance with this important topic. Your special dedication to passing the message all around had been certainly effective and have all the time helped employees just like me to attain their pursuits. Your amazing important useful information means a great deal a person like me and extremely more to my colleagues. Best wishes; from everyone of us.
off white clothing outlet http://www.off-whiteoutlet.us.com
Reply yeezy 500
4:00 AM on July 9, 2022 
I happen to be commenting to make you know of the incredible encounter my cousin's girl encountered reading through your blog. She even learned some pieces, most notably what it is like to have a very effective helping spirit to make many people quite simply fully grasp various complicated subject areas. You truly did more than her expected results. Many thanks for distributing such priceless, trustworthy, explanatory and even fun guidance on the topic to Jane.
yeezy 500 http://www.yeezy-500.us.com
Reply yeezy 350
6:18 AM on July 9, 2022 
I precisely wished to thank you so much all over again. I am not sure what I might have created without these tactics provided by you regarding such situation. Entirely was a real fearsome concern for me, nevertheless spending time with this specialized form you processed the issue made me to weep over gladness. I am just happy for your advice and then sincerely hope you find out what a great job you have been getting into educating many others by way of your web site. I'm certain you haven't met any of us.
yeezy 350 http://www.yeezy350boost-v2.us
Reply pg 1
9:40 AM on July 9, 2022 
I together with my friends have already been digesting the great recommendations from your web page and then the sudden came up with a terrible feeling I had not expressed respect to the web site owner for those techniques. The guys had been certainly stimulated to read them and have in effect seriously been having fun with those things. Appreciation for simply being indeed kind and for figuring out such beneficial themes millions of individuals are really eager to be informed on. Our honest apologies for not expressing gratitude to you earlier.
pg 1 http://www.paulgeorgeshoes.us.com
Reply cheap kd shoes
11:19 AM on July 9, 2022 
Thanks a lot for giving everyone a very memorable possiblity to read critical reviews from this web site. It can be so amazing and also packed with fun for me personally and my office co-workers to search your site a minimum of thrice weekly to see the newest stuff you have. And definitely, I'm also usually satisfied concerning the unbelievable suggestions you serve. Certain 1 tips on this page are basically the best we have all ever had.
cheap kd shoes http://www.kd-shoes.us
Reply supreme clothing
11:54 AM on July 9, 2022 
I have to express my thanks to the writer for bailing me out of such a trouble. Right after looking out through the the web and seeing methods which are not pleasant, I was thinking my life was over. Living without the solutions to the problems you have resolved all through your main review is a crucial case, and the kind that could have adversely affected my entire career if I had not noticed your web blog. Your good knowledge and kindness in taking care of all the details was very helpful. I am not sure what I would have done if I had not discovered such a point like this. It's possible to at this time look forward to my future. Thanks for your time so much for this skilled and sensible guide. I won't be reluctant to propose your blog post to any individual who should receive recommendations on this subject matter.
supreme clothing http://www.supremes-clothing.com
Reply curry 6
1:03 PM on July 9, 2022 
Thanks so much for giving everyone a very remarkable opportunity to read critical reviews from this site. It's usually very pleasurable and as well , jam-packed with a lot of fun for me personally and my office co-workers to visit the blog nearly three times in one week to read through the latest stuff you have. And lastly, I'm actually amazed with all the splendid opinions served by you. Certain 1 facts in this posting are unquestionably the most efficient we've had.
curry 6 http://www.curry6.net
Reply kobe shoes
1:11 PM on July 9, 2022 
My husband and i felt absolutely lucky when Chris managed to complete his inquiry from the ideas he was given through the blog. It's not at all simplistic just to find yourself handing out tricks which other people may have been selling. And we all discover we have got the blog owner to thank because of that. The main illustrations you've made, the simple site navigation, the relationships you can make it possible to promote - it is most astounding, and it's really making our son and the family do think that concept is enjoyable, which is certainly exceptionally serious. Thanks for everything!
kobe shoes http://www.kobesneakers.com
Reply supreme
2:57 PM on July 9, 2022 
Thanks so much for giving everyone a very pleasant possiblity to read in detail from this site. It really is so kind plus jam-packed with a good time for me and my office fellow workers to search your website the equivalent of 3 times in a week to read the latest issues you have got. And indeed, I'm also actually pleased concerning the brilliant tricks served by you. Selected 2 tips on this page are really the very best I have had.
supreme http://www.supremeclothings.com