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You can take action to limit power of attorney abuse

Putting someone in charge of any type of situation can be intimidating. You certainly want to choose the right person for the job and ensure that he or she also feels comfortable taking on the role. When it comes to appointing a power of attorney agent, you may feel a bit apprehensive about giving that much responsibility to just anyone.

First of all, you certainly should not appoint "just anyone" as your agent. There is a possibility that abuse of power could occur when it comes to handling your finances. Because this person will take on the role of agent in the event of your incapacitation, you may worry about not having the ability to combat potential abuse.

Limiting abuse

Fortunately, you can take action to limit the possibility of abuse long before your appointed agent steps into the role. One of the first steps you may want to take involves closely considering whom you want to consider as candidates. Rather than thinking of one person and immediately naming him or her as agent, you may want to list several candidates and determine why each one would or would not suit the role.

When considering your candidates, you will want to ensure that they are trustworthy, responsible, financially literate and willing to take on the role. By appointing someone with these qualities, you may already lessen the chance of your agent wanting to use your funds irresponsibly or for personal gains.

You can also use the terms of your power of attorney document to limit the amount of power your agent has. You could also have a third party check your agent's actions to ensure that only appropriate financial transactions have taken place. For instance, if you appoint one of your children to act as agent, you may have another child double-check the agent's actions, or you could even put a financial advisor in this role if you feel that one could better catch questionable transactions.

Creating your power of attorney

Because the terms of your power of attorney document can have a considerable impact on the power your agent has, you will certainly want to make sure that you have created your document correctly and with your best interests in mind. If you feel that you may need assistance with this endeavor, you could find help through local Cincinnati legal professionals.

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