Throughout the country, nursing home patients and others who give power of attorney to trusted friends and family members are finding the power is abused. The power of attorney is supposed to provide a safety net for senior citizens. However, the authority that comes from power of attorney is essentially unregulated, creating enormous potential for abuse. Statistics are lacking but experts believe senior citizens are losing millions every year as a result of the abuse of the power.
Usually, the power is given to trusted family members, friends, and respected professionals such as attorneys. Unfortunately, even children abuse the power by selling off assets for their own personal gain, failing to pay bills and expenses, and even mortgaging houses to live a high-rolling lifestyle. Often, these selfish decisions by power of attorney holders result in seniors declaring bankruptcy. These problems all stem from the enormous amount of unchecked power given to those with power of attorney.
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