What Are the Disadvantages of Using a Power of Attorney?
A power of attorney is when you give someone the legal right to act on your behalf if you are incapacitated. Avoid common mistakes and craft your power of attorney to meet your specific needs.
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Too General
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You will be at a disadvantage if the scope of his powers are too broad for your situation. Someone with unrestricted power of attorney can sell property, pay bills and dispose of personal property. Only grant him the power he needs for your specific situation.
When Does It Begin?
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Have you specified when it goes into effect? Limit it to only activate when you are declared incapacitated by a doctor to avoid power of attorney abuse.
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Too Much Time
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A disadvantage might arise from not restricting the time period when someone may act on your behalf. Someone undergoing surgery will have different needs than an individual who is developing Alzheimer's.
Not Declared Early Enough
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You must be considered competent at the time you grant someone power of attorney or else her ability to act may be challenged in court and declared invalid.
Co-Powers of Attorney
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If you don't trust one person to manage your affairs, grant two people co-powers of attorney. If one tries to abuse his power over your estate, the other will invoke her own power to protect it.
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