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Can someone who is an agent with a financial power of attorney be guilty of financial abuse or theft?

Posted by jseat on
 June 14, 2018
A

Can someone who is an agent with a financial power of attorney be guilty of financial abuse or theft?

A person that is an agent for another hold a fiduciary duty towards that person.  They must act in the person’s best interest and consistent with the estate plan of the person.  They are unable to use the money for their own needs and expenses or to engage in self-dealing.  To use the money contrary to the authorization in the power of attorney can be theft.  If you know someone exploiting someone financially, you should contact the police to start an investigation.  You can also contact an attorney to apply to the court to revoke the power of attorney and prevent further access to the finances of the older adult.  

Category: Elder Law and Elder Abuse
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