Executing a General Durable Power of Attorney authorizing someone to make financial and legal decisions on your behalf is an essential part of anyone’s estate plan. After all, no one has the authority to pay bills and make financial decisions on your behalf otherwise without court appointment and approval.
Most people prefer to keep their business private and out of the courts by incorporating a Power of Attorney into their estate plan. This valuable document, however, can also lead to unintended consequences when authority is granted to inappropriate individuals.
For instance, one gentleman granted Power of Attorney to his daughter only to find she later deeded ownership in his home to herself and then proceeded to sue and evict him. In the hands of trusted individuals, however, the authority conveyed in your Power of Attorney can serve priceless toward your financial protection and autonomy.
To learn more about how the elderly man was forced to raise money in order to buy back his home from his daughter, click here.