A Power of Attorney can be misused to financially exploit an elderly person
In this last part of a 4 part blog, we focus on the serious harm caused when people misuse the powers granted in a Power of Attorney to financially exploit an elderly person. This is a serious problem. Read all of 4 parts of this blog to learn about the scope of the problem and what you can do to stop the problem from happening. A Power of Attorney can be misused to financially exploit an elderly person and is wrong.
What can I do to prevent POA abuse?
An Agent granted POA must be a close and trusted individual someone you fully believe will make decisions in accordance with your needs and wishes. Never grant POA to a stranger, and be extremely cautious with financial advisors, caregivers, or other paid acquaintances.
Make sure to keep trusted family members, friends, and advisors informed about who has POA status. Be sure to retain all access and control to your financial, medical, and personal records, and follow-up often to make sure no sudden or unauthorized changes have been made.
Ensure that you retain the right to take back POA under any circumstance, and do not release POA unless it becomes absolutely necessary. Be very cautious of signing any POA, as it typically affords the agent total or near-complete power over your affairs.
What resources are available for victims of POA fraud?
The types of abuses that can be committed with POA are vast and serious. It is critical to remember that forcing an elder to grant a POA against their will could be an act of POA abuse in and of itself. POA abuse is often an instance of financial exploitation, which is illegal and punishable by federal and Texas state laws.
If you believe that you or a loved one has suffered POA abuse or elder abuse in Texas contact my law firm at 972-772-6100 or email me at firstname.lastname@example.org. Also contact The Texas Department of Family and Protective Services (DFPS) Adult Protective Services (APS) at 1-800-252-5400 or visit their website www.everyonesbusiness.org