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Tina, Lawyer
Category: Legal
Satisfied Customers: 33167
Experience:  JD, BBA Over 25 years legal and business experience.
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On about 1995, a stock broker required my wife and I to sign

Customer Question

On about 1995, a stock broker required my wife and I to sign his "Power of Attorney" form.
Sometime later I "smelled a rat."
I went to his office to retrieve the document. He claimed it never happened. I do not have a copy. I suspect he's just sitting and reading the obituaries, hoping our names will show up. It might not be too long. I'm 78 and my wife is 77.
What recourse do I have. Thank you. Larry Kell
Submitted: 2 years ago.
Category: Legal
Expert:  Tina replied 2 years ago.
Hello and welcome, Larry.
My name is ***** ***** my goal is to provide you with excellent service today. I am sorry to hear of your difficult situation. Before I can give you an accurate answer to your question, please provide the following additional information:
You believe the power of attorney is meant to be effective should you become incapacitated? Do you have any evidence that the broker is using the power of attorney to enter into transactions on your behalf? Do you know whether this involved a limited power of attorney or durable power of attorney?
I look forward to assisting you as soon as I have received this information. Thank you.
Customer: replied 2 years ago.
I only suspect he's waiting for me to die. He had been manipulating, various accounts, buying and selling. The guy who does my taxes said, "He probably got some high fees from the seller."
Expert:  Tina replied 2 years ago.
I see.
An agent who has been granted power of attorney authority must act in the best interests of the principal (you), not in their own self-interest. Naming an agent would not typically provide them with any rights when you pass and the POA would normally be ineffective once they receive actual notice of your passing.
Furthermore, you can typically revoke a POA at any time, by sending a letter to the agent indicating your intent to revoke the POA and when that is effective. The letter should also be sent to any companies or individuals with whom the agent has being doing business on your behalf.
It would be best to retain a local attorney to assist you with this and to evaluate whether you have a viable claim against the agent for breaching their fiduciary obligations to you.
I hope this helps clarify the situation for you. My goal is to provide you with excellent service – if you feel you have received anything less, please reply back as I am happy to address follow-up questions. Kindly rate my service when I have answered your questions so I will be compensated for my time assisting you. Thank you!