A power of attorney (POA) is an extremely powerful legal document, giving an individual the legal right to make many important decisions. For example, he or she can pay bills, open bank accounts, change important policies and manage assets for another person. If any wrongdoing is suspected, other parties may dispute a POA. Some grounds for removal of a POA are (1) Suspicion of fraud; (2) Beneficiary changes to life insurance policies and bank accounts in their favor or the Agent; (3) Opening joint bank accounts in favor of the Agent; and (4) the mismanagement of assets.
If you are an individual who suspects that a person holding a loved one’s power of attorney may be abusing his or her position, you should contact MMKO for a consultation to determine whether and how the person can be removed.