(Will it Save the Day?)
Financial exploitation stories appear all over the news. Money is swindled from an elderly or disabled person by a family member or professional they should have been able to trust. Often, the power to take the money was given freely to the offender by the victim in a Power of Attorney. The theft is still theft, but the Power of Attorney (sometimes dubbed a “license to steal”) made it easy.
A new Minnesota Law will make it a little harder for Attorneys-in-Fact (that’s what we call the person given the power on the Power of Attorney) to inadvertently or on purpose abuse their duties.
What is a Power of Attorney? | A Power of Attorney is a document where one person (called the “Principal”) gives another person the authority to manage some or all of the Principal’s financial affairs. It’s a way to have someone ready to pay bills, cancel cell phone service, adjust investments or sell the house when the Principal becomes mentally incapable of doing these things himself or herself.