Financial Power of Attorney Abuse

When someone has abused their position of trust and taken advantage of you or your loved one, a San Mateo estate planning lawyer with Loew Law Group is a trustworthy ally to call upon. Those who abuse their positions of authority should be held accountable. Let us assist you in obtaining justice and protecting yourself or your loved one from further harm.

If you notice signs that a financial power of attorney is exploiting their powers or abusing their position, do not ignore the situation. Take action by contacting Loew Law Group. Our estate planning lawyer will get to work immediately, safeguarding your assets and protecting you from further injury.

The Powers of Financial Powers of Attorney

A financial power of attorney is an important feature of many estate plans. By designating someone as your financial power of attorney, you give them authority over your financial affairs and the power to conduct business on your behalf.

While power of attorney documents can be tailored depending on your needs, it’s common to give a financial power of attorney the ability to:

  • Make deposits to and withdrawals from bank accounts
  • Invest funds or request distributions from investment accounts and retirement accounts
  • Pay for necessary expenses like your mortgage, utility bills, and insurance premiums
  • Make purchases or negotiate sales of real estate or other assets

These powers are typically conferred on the power of attorney when you are incapacitated or become incapable of making decisions for yourself. Being comatose or suffering from certain mental conditions can be enough to activate the financial power of attorney.

Signs of Financial Power of Attorney Abuse

Some people with financial power of attorney exercise their fiduciary powers with little oversight by courts or others. Vigilance by friends and loved ones is often how financial power of attorney abuse first comes to light. 

Signs that someone is abusing the power of attorney given to them by another include:

  • Rapid or inexplicable depletion of liquid assets like cash
  • Inexplicable purchases 
  • Purchases being made without proper documentation
  • The beneficiary’s physical or medical needs going unmet
  • The beneficiary’s credit score dropping due to bills not being paid
  • The power of attorney refusing to provide a proper accounting of the beneficiary’s assets to loved ones or the court

Friends or loved ones who notice these or other concerning signs should not ignore them. The sooner that action is taken to intervene in a case of suspected abuse, the easier it is to preserve the vulnerable person’s property and well-being against the power of attorney’s abusive actions.

If you notice signs of financial abuse or have concerns about your loved one being taken advantage of, speak with an estate planning lawyer from the San Mateo law firm Loew Law Group. Let our experienced team use our knowledge to protect your loved one from further abuse and exploitation.

How a San Mateo Estate Planning Lawyer Helps in Cases of Financial Abuse

A skilled San Mateo estate planning lawyer has various ways to help prevent a power of attorney from financially abusing another and stop abusive actions from continuing. These include:

Drafting a Power of Attorney With Checks and Balances

Giving one person full authority and control over your financial affairs without oversight creates an environment conducive to abuse and mismanagement. Your attorney can work with you or your loved one to craft a power of attorney document with appropriate safeguards to prevent abuse.

Requiring Powers of Attorney to Provide Regular Accountings

Directing a power of attorney to provide regular inventories and accountings of their activities can help deter abuse. A power of attorney who resists providing this critical information when requested could be mismanaging funds and is worthy of further inquiry.

Investigating Suspected Mismanagement and Financial Abuse

When you suspect a power of attorney is abusing their position of trust, you should investigate your suspicions and preserve any evidence you can. Such evidence is necessary to hold the power of attorney accountable for their malfeasance and to recover compensation.

Taking Legal Action Against the Power of Attorney

A power of attorney who abuses their position and uses your loved one’s financial resources for themselves can be held legally accountable for their actions. They can be ordered to pay restitution for the amounts they unlawfully used for their own benefit and for any other losses they caused to your loved one.

Contact a San Mateo Estate Planning Lawyer From Loew Law Group Today

You and your loved one deserve experienced and committed representation if a power of attorney takes advantage of their position. 

We are committed to helping protect your family from exploitation and harm. Call a San Mateo estate planning lawyer from Loew Law Group today if you suspect that you or a loved one is the victim of financial power of attorney abuse.