POA Abuses Cases & Gifting
Submitted by kirksanderslaw on
Many people execute power of attorneys (POA). It’s a good idea to have one in place should the need arise.
However the number one problem with POA’s is gifting by the POA agent. The POA or attorney-in-fact has a fiduciary duty to his or her principal, the person who executed the POA.
First of all, a POA in North Carolina has to contain specific language allowing the POA to gift. If it doesn’t expressly authorize the agent to make gifts to others and/or the attorney-in-fact, then the gifting isn’t authorized.