You are here: Home Planning Ahead Durable Power Of ... How To Prevent Abuse ...
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Durable Power Of Attorney For Finances

How To Prevent Abuse Under A Power Of Attorney

Next » « Previous


To prevent abuse of a Power of Attorney: First and foremost, appoint a person or persons that you trust.

To help make sure a trusted person does the right thing, consider the following suggestions:

  • Name more than one person as agent. Require that the people you appoint agree before exercising any of the powers. This will allow for a system of checks and balances and make it more likely that your best interest will remain paramount. Be aware that this arrangement may also slow things down if something has to move quickly.

  • Provide that the agent has to provide a summary of financial actions and a copy of bank/securities statements to someone else. For example, if you appoint your brother as agent, require that he provide a summary of his financial actions every 3 months to your cousin.

  • Ask the bank or other financial institution in which the money is kept to watch for unusual transactions. If there is an unusual transaction, the bank should report to you or to another trusted person.

  • Have a duplicate of all statements sent to a person you trust - for example, an accountant or a bookkeeperor a friend who is financially savvy. 

  • Limit the person's authority. For example, allow the person pay your bills, but not change the beneficiary of your life insurance.

Please share how this information is useful to you. 0 Comments


Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.