What are the disadvantages of a power of attorney?
There are some disadvantages to a power of attorney. It’s a very powerful document. It’s effective upon signing as of October of 2011. You must appoint a person that you trust because they’re supposed to act on your behalf and what is in your best interest. Many agents under power of attorneys, if they become greedy, it’s easier for them to obtain your assets through the use of that power of attorney. The bank, for example, if you have a bank account, has no requirement that they come to you and make sure that you want this person acting on your behalf. That power of attorney stands for that person can act on your behalf.