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 cheap kyrie 7
12:35 AM on August 9, 2022 
I would like to convey my love for your generosity giving support to those individuals that have the need for guidance on this one concept. Your very own dedication to passing the solution across ended up being astonishingly significant and have continually permitted men and women like me to get to their endeavors. Your new important tips and hints entails much a person like me and a whole lot more to my fellow workers. Thanks a lot; from everyone of us.
cheap kyrie 7 http://www.kyrie7.us
Reply yeezy 500
1:25 AM on August 9, 2022 
I precisely needed to say thanks again. I am not sure the things I would've followed in the absence of these suggestions provided by you regarding such a question. It seemed to be a very scary difficulty in my opinion, but viewing the very expert manner you processed it made me to weep for gladness. Now i am happy for your service and thus wish you know what a powerful job you were accomplishing training many others through the use of your webblog. More than likely you've never got to know all of us.
yeezy 500 http://www.yeezy-500.us.com
Reply air jordan
1:41 AM on August 9, 2022 
I not to mention my friends were actually reading through the excellent helpful tips on the website then instantly I got an awful feeling I had not thanked you for those secrets. Those young boys came totally thrilled to study them and now have really been enjoying those things. Many thanks for genuinely very helpful as well as for utilizing certain great things millions of individuals are really desperate to understand about. My very own honest apologies for not expressing appreciation to sooner.
air jordan http://www.jordanshoes.us
Reply golden goose sneakers
1:41 AM on August 9, 2022 
I wanted to draft you one very little word in order to thank you very much yet again with your extraordinary views you've provided in this case. It was certainly wonderfully open-handed with you to offer openly what exactly a few individuals could possibly have made available as an electronic book in making some profit for their own end, particularly seeing that you could have done it in case you decided. Those tricks also served to become easy way to comprehend some people have the same dreams just as my personal own to figure out a whole lot more when it comes to this issue. I believe there are many more pleasant occasions ahead for individuals who read your website.
golden goose sneakers http://www.golden-goosesoutlet.com
Reply kyrie 7
1:42 AM on August 9, 2022 
I am writing to let you know of the great encounter my cousin's child encountered checking your web site. She even learned such a lot of details, with the inclusion of what it is like to possess a marvelous helping nature to have other people effortlessly know precisely a variety of extremely tough subject matter. You actually exceeded her desires. Thank you for showing these necessary, safe, explanatory and as well as fun thoughts on the topic to Jane.
kyrie 7 http://www.kyrie7shoes.us
Reply supreme
1:43 AM on August 9, 2022 
I simply wanted to say thanks yet again. I'm not certain the things that I might have sorted out in the absence of the type of creative ideas shown by you regarding such concern. This has been an absolute horrifying matter in my circumstances, however , looking at your specialized style you handled that made me to leap with gladness. I am just thankful for this information and as well , trust you know what an amazing job your are accomplishing training the rest through the use of your web site. More than likely you have never encountered any of us.
supreme http://www.supremes.us.org
Reply jordan 12
1:44 AM on August 9, 2022 
Thank you so much for giving everyone a very splendid chance to read in detail from this blog. It really is so cool and as well , full of amusement for me personally and my office co-workers to visit your web site not less than 3 times in 7 days to learn the fresh stuff you have. Of course, I am certainly contented with all the mind-boggling tricks served by you. Some 1 facts in this article are without a doubt the most efficient I have ever had.
jordan 12 http://www.jordan12.us.com
Reply curry 6
1:44 AM on August 9, 2022 
I precisely needed to thank you so much yet again. I'm not certain the things that I could possibly have handled in the absence of the type of creative concepts shown by you about such a field. Certainly was a difficult difficulty in my position, nevertheless seeing this well-written fashion you resolved the issue forced me to cry for happiness. Now i'm happy for the information and thus believe you recognize what an amazing job that you are accomplishing instructing people today via your web blog. I know that you have never come across any of us.
curry 6 http://www.curry6.net
Reply bape
3:18 AM on August 9, 2022 
I simply wished to appreciate you once more. I am not sure what I might have used without the entire aspects discussed by you directly on that subject. Entirely was a very traumatic concern in my circumstances, nevertheless looking at this skilled strategy you processed it made me to weep over gladness. I am just happier for the support as well as wish you realize what an amazing job you are accomplishing instructing most people using your websites. I am sure you have never met any of us.
bape http://www.bapes.us.org
Reply supreme clothing
3:26 AM on August 9, 2022 
I as well as my pals have already been taking note of the good tricks located on the website while instantly got a horrible feeling I had not expressed respect to the web site owner for those techniques. All of the young men became certainly excited to see them and have in effect simply been taking pleasure in these things. Appreciate your actually being so kind and also for considering some essential guides most people are really needing to know about. My sincere regret for not saying thanks to earlier.
supreme clothing http://www.supremeoutlet.us.com
Reply cheap kd 13
3:35 AM on August 9, 2022 
I enjoy you because of all of your work on this web site. Betty enjoys participating in research and it's really obvious why. All of us notice all of the compelling medium you convey insightful solutions via your blog and even invigorate participation from others about this situation so my child is certainly becoming educated a lot of things. Have fun with the rest of the year. You are always doing a useful job.
cheap kd 13 http://www.kd13shoes.us
Reply supreme clothing
4:30 AM on August 9, 2022 
My wife and i got so satisfied Chris could conclude his studies from the ideas he had out of the web page. It's not at all simplistic to simply always be freely giving methods that most people have been trying to sell. And now we remember we've got the website owner to give thanks to for this. Most of the illustrations you made, the easy web site navigation, the friendships you make it possible to engender - it's got most wonderful, and it's really making our son in addition to the family reckon that that idea is amusing, which is highly serious. Many thanks for the whole lot!
supreme clothing http://www.supremes-clothing.com
Reply cheap kobe bryant shoes
5:07 AM on August 9, 2022 
I simply wanted to thank you so much all over again. I'm not certain what I would have gone through without the type of suggestions shown by you relating to such a subject matter. It had been a real traumatic case for me, however , witnessing this well-written strategy you treated that forced me to jump for gladness. Extremely happy for this service and in addition pray you recognize what an amazing job you were getting into teaching the others thru a site. I am sure you've never met all of us.
cheap kobe bryant shoes http://www.kobebasketballshoes.net
Reply jordan shoes
5:08 AM on August 9, 2022 
I am also commenting to let you know what a cool encounter my cousin's princess encountered using your webblog. She realized a lot of issues, which include what it's like to have an incredible coaching style to get many more very easily grasp chosen tricky issues. You undoubtedly exceeded readers' expectations. Many thanks for rendering those practical, healthy, educational and also cool thoughts on your topic to Sandra.
jordan shoes http://www.jordan6.us.com
Reply yeezy boost 350
5:08 AM on August 9, 2022 
Thanks so much for providing individuals with an exceptionally nice possiblity to read in detail from this site. It is always very superb and also packed with fun for me and my office friends to search your website at least 3 times weekly to learn the new items you will have. Not to mention, we're actually contented with the astounding secrets you serve. Selected two tips in this posting are surely the best I have ever had.
yeezy boost 350 http://www.yeezyboost350.org
Reply jordan retro
5:09 AM on August 9, 2022 
I wanted to compose you the tiny remark so as to say thanks a lot the moment again about the unique information you've discussed above. This has been certainly seriously generous of you to present easily all most people could possibly have distributed as an e book to generate some dough on their own, most notably since you could possibly have tried it if you desired. The secrets as well worked to become fantastic way to understand that some people have similar fervor really like my personal own to figure out way more with regards to this issue. I think there are thousands of more pleasurable situations up front for people who discover your blog.
jordan retro http://www.jordan-retro.us.com
Reply supreme shirt
5:10 AM on August 9, 2022 
I have to express my appreciation to this writer for bailing me out of this type of incident. After checking throughout the world wide web and seeing advice which are not helpful, I thought my entire life was done. Existing devoid of the approaches to the problems you've solved all through the guideline is a serious case, and the kind which could have negatively damaged my entire career if I hadn't discovered your web site. Your knowledge and kindness in controlling almost everything was important. I don't know what I would have done if I had not come across such a stuff like this. It's possible to at this moment look forward to my future. Thanks a lot so much for your impressive and result oriented help. I won't hesitate to suggest your web sites to anybody who ought to have guidance on this subject matter.
supreme shirt http://www.supremeshirt.us.com
Reply bape
5:11 AM on August 9, 2022 
I in addition to my guys have already been reading through the nice helpful hints on the blog and so suddenly I got an awful feeling I never thanked the site owner for them. All of the young men ended up as a consequence glad to learn all of them and have now in fact been making the most of these things. I appreciate you for getting so accommodating and then for choosing such great useful guides most people are really desirous to be informed on. My sincere apologies for not expressing appreciation to you earlier.
bape http://www.bapes.us.org
Reply nike sb
5:45 AM on August 9, 2022 
I wanted to develop a small message to appreciate you for these amazing steps you are giving out at this website. My time-consuming internet lookup has finally been compensated with useful facts to talk about with my neighbours. I 'd suppose that we site visitors actually are really endowed to be in a remarkable site with very many awesome people with useful techniques. I feel truly lucky to have discovered your entire web pages and look forward to some more awesome times reading here. Thanks a lot once more for a lot of things.
nike sb http://www.sbdunk.us
Reply off white nike
6:12 AM on August 9, 2022 
I am just commenting to let you be aware of what a nice experience my wife's daughter experienced checking yuor web blog. She mastered such a lot of details, not to mention how it is like to possess a wonderful coaching heart to get a number of people without difficulty know just exactly selected problematic topics. You really did more than our own expectations. Thank you for providing the insightful, safe, edifying and easy tips on that topic to Lizeth.
off white nike http://www.offwhites.us.com