Financial scams can take a variety of forms, but one of the most common types is a scam involving power of attorney. In this scam, one person takes advantage of someone else by asking them to sign financial power of attorney forms, which gives them authority to access assets and bank accounts. The elderly are particularly vulnerable to these scams, and financial abuse is often done by friends and close relatives.
A Financial Power of Attorney Scam
The average scam begins when the elderly person goes into a care home because of old age or an industry. In a facility, the person cannot control their own finances. A friend or relative may ask the person to sign a power of attorney form, and the scammer will use that authority to take the other person’s money. The theft can go undiscovered for years, as the account holder discovers that their money and assets are gone.
Recourse for Victims
In most instances, the elderly person can revoke a power of attorney if they signed it of their own free will. The person designated in the form has a fiduciary duty to the elderly individual. A fiduciary duty means that a person cannot take another person’s money just because they’re legally able to sign documents on the elderly person’s behalf. Powers of attorney can be revoked, and a lawsuit can be filed. Through Elder Law Attorneys in Annapolis MD, an elderly person can get legal remedies such as:
1. Compensatory damages
2. Payment of court costs and attorney’s fees
3. Punitive damages
Hiring a Lawyer in Elder Abuse Cases
In many cases, the victim of a financial scam will need a lawyer’s help to file a claim because of a mental or physical incapacity. If someone has become the victim of such a scam, an attorney can help them file a lawsuit to get the appropriate result. A person may want a lawyer’s help before implementing a power of attorney, to protect themselves from related scams. By taking the time to hire Elder Law Attorneys in Annapolis MD, a victim can safeguard their legal rights and get the compensation they deserve. For more information you can visit karpouzianlaw.com or their Facebook page.