Financial Power of Attorney Part of Estate Planning, Can be Abused in Wrong Hands
When Brooke Astor passed away, she left a huge fortune behind. According to a New York jury, her son, Anthony Marshall, committed fraud and grand larceny by, among other things, giving himself a $1 million raise to manage his mother's finances. Marshall was found guilty on fourteen counts, and is appealing the jury's decision. This high profile case can serve as a warning to Florida families to make sure they get their estate planning documents in order before tragedy strikes.
In the Astor case, a financial power of attorney was used to give Anthony Marshall extraordinary powers over his mother's finances. This common estate planning document is designed to allow another, trusted person to step into your shoes and handle your financial affairs should you become unable to do so. These financial affairs may include such mundane tasks as handling your bank accounts and paying your bills, but could also include changing the beneficiary of your life insurance and retirement accounts.
Many states have been busy rewriting their financial power of attorney laws in recent years, to prevent occurences like the Astor debacle. Florida is not one of them, but an estate planning attorney can help you draft a document that would protect your interests from an unscrupulous agent. Spelling everything out in writing will reduce opportunities for abuse.
No matter where you live, don't let other families' horror stories keep you from executing proper estate planning, including signing a financial power of attorney. If you don't have one of these important documents and you become incapacitated, a judge will appoint someone to manage your affairs, and you will have no say in the decision. Get more tips about how to protect your estate at Protect Your Assets: Write A Safe Power Of Attorney.
If you require assistance with estate planning, please contact an estate planning attorney for estate planning legal counsel.
