It seems that even the most famous are still at risk from the abuse of the financial power given to attorneys.
Earlier this month 88-year-old Aldrin (the second man on the moon in July 1969, Neil Armstrong being the first) filed a lawsuit in a Florida court to remove his son Andrew from control of his financial affairs, social media accounts and various non-profit and business ventures.
Aldrin had revoked the power of attorney given to his son; however, his son Andrew continued to make financial decisions for Aldrin as did his daughter Janice who is also included in the lawsuit filed.
Cases like this (and many others like it) demonstrate just how important it is both to choose your attorneys wisely and to have the necessary paperwork prepared for you by a regulated professional.
Money after all, like war, makes monsters out of the most well intentioned of people.
In the UK you can execute a Lasting Power of Attorney to appoint an attorney to make financial decisions with your input even where your decision-making capabilities are impaired; and if you lose capacity entirely, then your appointed attorneys can carry on your financial planning until the end.
However, as decisions this side of the pond also demonstrate, it is just as important in the UK that you follow the advice of regulated professional advisers in preparing your Lasting Power of Attorney.
Although it is indeed quite possible to prepare such a document without legal input, as the Office of the Public Guardian’s own statistics show, the greatest risk of abuse arising from the use of Lasting Powers of Attorney derives from circumstances where the documentation is prepared by family members or unqualified legal service providers.
Don’t leave things to chance: QualitySolicitors AcklamBond has trained, regulated professionals on hand to assist you with all your estate planning needs including preparing Lasting Powers of Attorney and Wills.
Call Quality Solicitors Acklam Bond now on 01254 872 272 to secure your appointment now: don’t leave it to chance, leave it to QualitySolicitors AcklamBond