There are multiple reasons not to use a springing POA. The three biggest are a) some states do not allow them, b) they can be difficult to “pre register” with 3rd parties since they could be very aged before active and c) proving they have “sprung” is often difficult and almost always incurs a cost (which will initially be born by the agent). I would expect that most such situations use DPOA.Having the durable POA be the same as trustee (and probably executor of the will also) makes sense. However, makes ZERO sense why it can't spring into effect since the others spring. Also, might look into requiring a surety bond if you want to add a layer of protection.
To OP, I understand your concerns but consider when you won’t have capacity to closely monitor them, they will be exercising those powers. If you can’t trust them when you are able to monitor, do you want to trust them when you are unable?
Other protections. The attorney will have bonds and/or insurance with the state, obv you can sue, even with an active DPOA you can make it a limited POA. In fact here there really are no blanket POAs and certain powers must be specifically enumerated.
The situation described seems to be a firm with multiple attorneys. I would expect they have some kind of internal controls such that even were this attorney to go rogue the firm would have procedures to prevent and detect these. The whole firm would have exposure.
Ultimately there will always be some level of trust required (these are after all called trust documents). If you can’t trust them now, can you trust them in 20 years when you and SO are wo capacity?
Statistics: Posted by LotsaGray — Tue Dec 31, 2024 3:11 pm — Replies 12 — Views 589