Dedicated to your family and your future
Call for Consultation 888-806-7304 / 303-835-1811

PLEASE NOTE: To protect your safety in response to the threats of COVID-19, we are offering our clients the ability to meet with us in person, via telephone or through video conferencing. Please call our office to discuss your options.

How can I avoid being financially exploited by my POA?

Financial exploitation is a becoming a major problem for many seniors in Colorado. At the Law Offices of Karen Brady, P.C., we understand that many seniors who have powers of attorney are interested in learning how to protect themselves from financial exploitation. We recommend for them to carefully examine their options and take the following factors into consideration when choosing their POA.

Limit the capacity to act

According to AARP.org, seniors should limit the responsibilities of the people they have acting as their powers of attorneys. They should take some time to determine exactly how they need them to act when it comes to dealing with their finances. For example, if you only need a power of attorney to ensure that your medical bills are paid, then there is no reason for you to give your agent full control or access to your finances. You can specify the responsibilities your power of attorney has.

Choose a trustworthy agent

People should also take trust into consideration. A person who has power of attorney over someone is legally responsible for their legal, medical and financial affairs. It is important for seniors to choose representatives they can trust for the long-term to manage their affairs responsibly and in accordance with their wishes and best interests.

You have control over how much or little authority you give your power of attorney. You can expand and limit their responsibilities as you see fit. If you suspect that your agent is acting in an untrustworthy manner that results in the mismanagement of your finances, then you can limit or rescind their authority. For more information concerning estate planning and power of attorney, please visit our web page.

No Comments

Leave a comment
Comment Information

How can we help? Request a consultation.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Brady, McFarland & Lord, LLC
5400 Ward Road, Building 5-170
Arvada, CO 80002

Toll Free: 888-806-7304
Phone: 303-835-1811
Fax: 303-424-2599
Arvada Law Office Map