Protecting yourself as the principal of a power of attorney can be more important than your will or your trust because it impacts your assets and your life as the maker of the power while you are alive. Powers of Attorney are inherently dangerous documents, when they are left unrestricted. While you may believe that the intention of your agent is good, you should know that you have options in restricting the attorney in fact or agency terms and powers.Source: SirkinLawGroup.com
What can you do to protect yourself as the principal in a power of attorney?
A. You can require your agent under a power of attorney to be required to account to you, and a third party if you are incapacitated. A principal of a power of attorney is the person who executes or signs the power of attorney creating the powers in it. You can protect yourself from your agent in many ways, one of which is requiring accountability to an outsider provides for someone to look over the shoulder of the agent under the power of attorney. The accounting is a detailed transaction report to someone about the transactions of the agent under the power of attorney document.
B. You can restrict your agent from taking any action that personally benefits him while you are alive. You should restrict gifting and transfers to the agent that benefit the agent, as a way to protect yourself.
C. You can prohibit the agent from acting in certain ways, for example. You can require that your agent must allow all of your family members the right to visit you. This becomes very important because often, agents believe they can keep all people away from you.
D. You can specify the type of housing your agent can prove to you, by building certain language in the power of attorney that limits his contracts.
E. You can also specify if the agent under the power of attorney is authorized to live in your home while you are alive, but if you become incapacitated.
Powers of Attorney documents are inherently dangerous and should be implemented by careful consideration, and much prior contemplation. A California Durable Power of Attorney can be modified to implement the restrictions needed for your protection.
Requiring the Power of Attorney Agent to Account
If you create a power of attorney, you can obligate your agent under the power of attorney to account to you or to another person designated by you., if you are incapacitated. You can reserve rights to a third party, such as a professional conservator or fiduciary. Talk to us about protecting a Power of Attorney Los Angeles. These provisions are custom provisions and are not customarily in the type of power of attorney form that you can purchase online. Call us about the number of ways to protect yourself from your agent under a power of attorney. Because you as the creator of the power of attorney are considered the principal, the person you give the power to is considered the agent or your “attorney-in-fact”. Just like a trustee must account, you can force your powers of attorney agents to also account to you as the principal, or to anyone you wish.
To talk about power of attorney protection from an agent under a power of attorney, call our expert estate lawyer for sound legal advice about power of attorney in San