What to Be Careful of When Using a Power of Attorney
Receiving an appointment to serve as an agent for a power of attorney is significant. You need to take care in the manner in which you use the power of attorney.
Other People Are Reading
-
Function
-
A power of attorney grants you authority to act on behalf and for the benefit of the grantor, the individual who created the instrument in the first place.
Types
-
There are two general types of powers of attorney. There is a durable power of attorney for health care, and there is a power of attorney for financial purposes.
-
Considerations
-
Never use the power of attorney for a purpose that benefits your own interests. Doing so can result in both civil and sometimes criminal actions taken against you.
Documentation
-
Always fully document every action you take with the power of attorney. For example, if you spend the grantor's money using the power of attorney, save the receipt.
Failing to Act
-
Failing to take action to protect the interests of the grantor is also a serious issue. You must be proactive and move to protect interests of the grantor as necessary.
-
References
Resources
- Photo Credit Image by Flickr.com, courtesy of D. Sharon Pruitt
