Written by Benjamin Kingsley
Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.
Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.
A power of attorney (POA) is a legal document that grants an individual, known as the agent or attorney-in-fact, the authority to act on behalf of another person, called the principal. While a POA can be a valuable tool for managing financial and legal affairs, it is important to understand that it does not give the agent unrestricted rights, especially when it comes to inheritance matters.
In general, a power of attorney does not have the legal right to steal or misappropriate an inheritance intended for the principal. The agent has a fiduciary duty to act in the best interests of the principal and must manage their affairs responsibly and ethically. Any actions taken by the agent that are not in line with the principal’s wishes or best interests can be considered a breach of fiduciary duty and may have legal consequences.
However, it is important to note that a power of attorney can potentially be misused by unscrupulous individuals. If an agent with a POA attempts to redirect inheritance funds or assets for personal gain, this would be considered theft or fraud. Such actions are illegal and can result in civil and criminal penalties. To prevent potential abuse, it is crucial for principals to choose their agents carefully and consider implementing safeguards, such as requiring regular accounting or appointing co-agents.
If there are concerns about the misuse of a power of attorney in relation to inheritance, interested parties should seek legal counsel immediately. An attorney can help review the POA document, investigate any suspicious activities, and take appropriate legal action if necessary. In cases where theft or fraud is suspected, it may be possible to revoke the POA, pursue legal remedies to recover misappropriated assets, and hold the agent accountable for their actions.
It is also worth noting that a power of attorney typically terminates upon the death of the principal. At that point, the authority to manage the deceased person’s estate typically passes to the executor named in the will or an administrator appointed by the court. Therefore, a POA should not have any direct control over the distribution of inheritance after the principal’s death, unless they have also been named as the executor of the estate.
Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.
Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.