AARP REPORT URGES ADOPTION OF STRONGER STATE LAWS TO PREVENT POWER OF ATTORNEY ABUSE
Source: AARP Press Center
WASHINGTON (December 4, 2008)
A large majority of state laws lack protections for individuals creating financial powers of attorney, according to a report released today by AARP’s Public Policy Institute. Presented at the 8th Annual National Aging and Law Conference, the report urges state legislatures to adopt the Uniform Power of Attorney Act (UPOAA), a model law that lays the groundwork for keeping seniors safe from abuse, while allowing them to plan for the future.
A power of attorney is a legal document used by an individual to empower someone else to act on their behalf, and often is aimed at allowing the appointed agent to act when an older person no longer can.
“As the population ages, the power of attorney will be used even more often to appoint trusted family members or others to handle financial decision-making – but it also can be a ‘license to steal’ because it grants broad powers with little oversight,” said Naomi Karp, strategic policy advisor, AARP Public Policy Institute. “Already, we are seeing an explosion of cases in which seniors are losing their savings, their homes and, in some cases, everything they own. This report is a crucial first step to protect older Americans.”
Abridged
SOURCE: AARP Press Center
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