Earlier this year, a client approached us with a challenging situation involving his brother, who had been diagnosed with dementia. The brother had previously granted power of attorney to an “accountant,” but this decision was now causing serious complications. The client explained that his brother was struggling to access his own money, as the power of attorney granted the accountant extensive control—not just over finances but even over medical decisions.
When we met with the brother, it was clear that while he was experiencing memory loss, he still retained some clarity. He provided documentation showing that he had indeed signed an absolute power of attorney, giving the accountant sweeping authority. Upon further investigation, it became evident that the accountant had taken complete control of his finances and life decisions. Despite a net worth close to half a million dollars, the brother faced significant hurdles even to withdraw as little as $500 from his accounts.
After carefully reviewing the documentation, we worked with the bank and collaborated with legal professionals to initiate the process of canceling this power of attorney. With a thorough and strategic approach, we successfully helped to restore the brother’s autonomy over his financial and personal affairs.
This experience underscores the importance of caution when granting power of attorney. Entrusting someone with this level of control is a serious decision that requires careful consideration. Our advice: always discuss such decisions with someone you trust before signing anything, and fully understand the implications of the powers you’re granting.
If you or someone you know is facing a similar situation or if you’re considering granting power of attorney, we’re here to help. Don’t hesitate to reach out for advice.
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