My Power of Attorney is stealing, what can I do?

A Power of attorney is stealing money, what can I do?

Do you suspect that a power of attorney is either mismanaging money or stealing money?

Maybe you’ve noticed that they have bought a new car or are taking a vacation or started doing things that maybe they can’t really afford.  If so, there are several things that can be done.

First, if the person who executed the power of attorney is still competent, they can revoke the power of attorney. It would be a good idea to serve the revocation on the agent as well as all financial institutions right away.

If the person who executed the power of attorney is not competent, then there are a few options. A guardianship could be filed asking that the power of attorney be revoked and that someone else be appointed as guardian over the money.

The risk of doing this is that you may not have sufficient evidence that the person has mismanaged the power of attorney and a guardian may not be appointed.

If you file for guardianship and it is not successful, there is a risk that you could be responsible for attorneys fees or court cost.

The other alternative would be to petition the court and ask that the power of attorney account for the assets.

There are only certain people who can ask the court for an accounting.

Finally, the petition for accounting can be dismissed by the court if the person who signed the power of attorney is competent and does not want the accounting.

If you suspect someone is stealing money as power of attorney, contact our Milwaukee and Waukesha power of attorney theft lawyers at (414) 774-7330 or email us at robert@welcenbachlaw.com.