Powers of Attorney

Market Watch had an article about the dangers of powers of attorney. The MarketWatch article highlights the risks of abuse when someone is granted power of attorney (POA), particularly in cases involving elderly or vulnerable individuals.

Drawing from her experience as a nurse, the author describes troubling situations where agents have taken advantage of their authority, neglecting basic needs, placing loved ones in low-quality facilities to save money or preserve inheritance, or isolating individuals from supportive family members. Because legal guardianship can be a lengthy and complicated process, the article stresses the importance of setting up a durable POA and advance healthcare directives early, while a person is still able to make informed decisions.

It also emphasizes that trustworthiness and alignment with personal values should be the top priorities when selecting an agent, and that naming a backup agent can add another layer of protection. Signs of POA abuse include neglect, mismanagement, or misuse of finances, unexplained changes in living arrangements, sudden or suspicious alterations to wills or legal documents, and undue influence through manipulation or control.

To safeguard against these risks, the article advises monitoring the actions of POA agents, maintaining oversight of finances and care decisions, and turning to community resources such as the Eldercare Locator, Adult Protective Services, or legal counsel if abuse is suspected. Ultimately, the message is that proactive planning and careful oversight are the best defenses against exploitation.