abuses of power of attorney in NC

It is happening more and more every day. People taking money from elderly people. Sometimes the cases involve a power of attorney ‘gifting’ money to themselves. Other times it’s a ‘friend’ of the elderly person who uses undue influence to receive ‘gifts’. Many times the victim is incompetent. Sometimes the victim isn’t and only becomes aware of the loss later.

The law in North Carolina is clear. Taking money improperly from a disabled or elderly adult is exploitation.

There are two statutes that address this. Here are excerpts from two North Carolina Statutes:

Kirk Sanders, Attorney, filed a lawsuit against the former power-of-attorney (POA) for an elderly client. While the elderly client was in the hospital, the former POA, over the course of a week, transferred the client’s title to the elderly person's home to the POA, and transferred all financial accounts into the POA’s name.

Power of attorney abuses can take many forms. It is committed by both family members and non-family.

Sometimes it’s caused because the POA agent does not understand 1) his/her role (mismanagement, improper accounting, poor investment decisions) and 2) duties the agent owes the principal (the person who executed the POA). A POA is supposed to act in the best interest of the principal when handling transactions for the principal.