What are the risks in appointing someone as an attorney?
The person you appoint as your attorney will have the power to legally do anything that you permit the attorney to do in the document. Some power of attorney documents are specific to a task, such as signing legal documents for a real estate transaction. Most attorney documents drafted without a specific task in mind will permit the appointed person the power to do anything that the appointing person could legally do. This would mean that the appointee could take funds out of your bank, transfer your property to a third party or sell any of your assets. You risk the appointed person acting in a way that you did not intend, making poor financial decisions or even stealing from you.
- Do I need a power of attorney?
- Who should I appoint as my attorney?
- What can an attorney do for me?
- Can I terminate the appointment of an attorney?
- What are the risks in appointing someone as an attorney?
- Are there rules that an attorney must follow?
- What is a representation agreement?
- How is this document different from, or similar to, a will or a power of attorney?
- What matters are normally set out in a representation agreement?
- The person you appoint is your “substitute decision maker”. What does this mean and who should I appoint?
- Should I appoint more than one person as my substitute decision maker?
- How is this document different from a “Living Will”?
- Can I terminate this agreement or change the person I appoint in it?