• 14
  • November
    2011

Establishing a financial power of attorney, which allows someone to handle your finances if you become unable to do so, is a powerful estate planning tool that can ensure that you are taken care of and that your savings and your entire estate are conserved for you and for your heirs. Unfortunately, because a power of attorney puts so much power into a trusted person's or institution's hands, it is possible that the one who is trusted will prove unworthy of that trust. For some, the temptation to help themselves to some of the money they are supposed to be watching is just too much.

A recent case from outside of Florida is a perfect example. A man befriended the pastor from his church. The two men shared many spiritual interests, and as the man's health began to fail, the pastor was helpful in practical ways. He helped the man get to the doctor. The pastor also provided spiritual support.

Florida lawyers who help people establish a power of attorney know the dangers of people who want to hijack someone else's inheritance, or hijack their estate. 

The man, who is 77, granted power of attorney to his pastor, who is 31. As the man began to develop Alzheimer's disease, the pastor took over more aspects of the man's finances. However, at the same time, he took thousands of dollars of the man's money for himself. He also let the man's nursing home bill go unpaid for nine months.

Now the pastor has been charged with four felony counts of financial exploitation of a vulnerable adult. The case is still pending.

Source: Star Tribune "Pastor accused of fleecing one of his flock" Nov. 10, 2011