It can be a nightmare situation if you find out too late that you’ve signed over your power of attorney to someone in your family or someone you believe to be a trusted friend and then discover that all of your savings from the course of your lifetime have been drained from your account.
A Pasadena power of attorney is an important legal tool that should be a part of every person’s estate plan. The purpose of a power of attorney is to give a trusted individual the ability to handle health or financial matters for the person who has created it.
The power of attorney gives the assigned agent the power to act and the document also explains what the agent can do on behalf of the principal, also known as the creator. Since disaster or illness can strike at any time, a Pasadena power of attorney document is one tool to help protect you and enable someone else to manage your bills and finances.
However, appointing a power of attorney agent who has had financial troubles could lead to issues for you in the future. An investigation in plenty of cases has revealed that some people have had money stolen from them by appointing a power of attorney agent that did not have the capability, ethics, or ability to properly handle the power of attorney.
Statistics on power of attorney abuse are difficult to identify, but a MetLife study in 2013 found that financial abuse to the elderly accounted for nearly $3 billion. Protecting yourself and your estate is important. Make sure you speak to an experienced Pasadena power of attorney planning lawyer about how to select the right power of attorney agent.