What are the disadvantages of a power of attorney?
A. First, third parties may not recognize your power of attorney. Second, it can be difficult to revoke a power of attorney, especially if your agent has given copies to third parties that have honored it. Third, the agent can reach your assets without court approval or supervision. Therefore, it is imperative that you select an agent with great care and have tremendous confidence in that individual.
First, third parties may not recognize your power of attorney. Second, it can be difficult to revoke a power of attorney, especially if your agent has given copies to third parties that have honored it. Third, the agent can reach your assets without court approval or supervision. Therefore, it is imperative that you select an agent with great care and have tremendous confidence in that individual.
First, all third-parties may not honor the power. Second, it can be difficult and time consuming to revoke a power, as you need to notify all third-parties that have honored it. Finally, a power of attorney can be a dangerous document in the hands of the untrustworthy. It grants access to your assets without supervision. It is very important to select an agent in which you have great confidence.
