Power of Attorney for Property Concerns

A Power of Attorney for Property is an important document to have in your estate plan.  It is a very powerful tool that authorizes someone else to handle your financial affairs in the event that you cannot do so.  However, like other types of powerful tools--it can be very dangerous if not used properly.

On Sunday February 1st, Eileen Ambrose wrote a good article in the Chicago Tribune cautioning people when they give a Power of Attorney over their property.  Below is a link to the article.

http://www.chicagotribune.com/business/yourmoney/chi-ym-attorney-0201feb01,0,5256908.story

The article discusses the risks when someone gives a Power of Attorney for Property to a person who is not unscrupulously honest.  It is best to name someone whose honesty is beyond question; someone who is strong enough to resist temptation.

This philosophy also should apply to persons named as sucessor holders of the Power of Attorney for Property.

The article's other good suggestion is to require that the Power of Attorney document include a requirement that the holder must provide copies of the account statements to another person you trust.  The person would look at the account statements and raise an alarm if they suspected embezzlement.

A Power of Attorney for Property is very useful document, but it must be used carefully.

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