Power of Attorney Pitfalls – Be Careful who you Choose and Read Thoroughly Before Signing
Recent legislative changes in New York State associated with Power of Attorney forms, laws and procedures have brought renewed focus to the problems associated with Power of Attorney forms. Over the past several decades, the New York State Legislature has struggled with a number of efforts and changes in the applicable laws with confusing results and complicated Power of Attorney forms, leaving the average consumer puzzled as to the legal effect of what they are signing when they make a decision to grant a Power of Attorney to another individual.
Financial institutions, including banks, stock brokerage firms, investment advisors, and insurance companies have also been known to improperly allow Power of Attorney agents to liquidate, withdraw, and transfer away assets without proper written authority. In this context, thousands of Americans have sustained devastating financial losses.
In many instances, individuals granting a Power of Attorney simply do not have a full appreciation of the actual power of authority they are granting to their Power of Attorney agent. This has resulted in many cases of Power of Attorney agents victimizing their principals, engaging in acts such as transferring money to family, friends, and even themselves, given broad gifting powers that can be contained in Power of Attorney forms.
Oftentimes, by the time the signer of a Power of Attorney finds out that their personal assets have been drawn down and transferred away from their control, it’s too late to bring those monies, investments and assets back into their own personal control.
We offer a free initial consultation to New York State residents who feel they may have been victimized and have sustained monetary or asset losses through the improper use of Powers of Attorneys. For an appointment, contact the Law Offices of Timothy J. O’Connor at tjo@tjolaw.com, star@tjolaw.com, or 518-426-7700.
More Videos
Have a Question?
Quick Contact
"*" indicates required fields
Recent
Blog Posts
- The Crypto Crash Gets Mom and Pop Retirement Investments
- Alternative Investments – Clearly not an Option for the Average Retiree
- Employer Non-Funded and Underfunded 401K Pension Contributions – A Disaster in the Making
- Power of Attorney Pitfalls – Be Careful who you Choose and Read Thoroughly Before Signing
- Indexed Universal Life Insurance (IUL) Fraud