Techniques to Avoid Brook Astor’s Power of Attorney Problems

Earlier on this blog, I discussed the most recent developments in the administration of Brook Astor’s estate. Many problems in this case stem from the fact that Astor gave her son, Anthony Marshall, a power of attorney.

Rachel Emma Silverman and Ashby Jones, How to Ensure Relatives Don’t Rip You Off, online.wsj.com, Nov. 28, 2007 list the following techniques used by estate attorneys in order to avoid power of attorney abuse:

• Including provisions requiring regular accounting statements from agents
• Naming co-agents who can serve as checks on each other
• Naming a supervisor who has the power to fire an agent
• Naming an agent while you’re still in good health and can make clear decisions
• Designating someone trustworthy
• Laying out exactly what powers you want your agent to have
• Using a springing power-of-attorney document
• Using a non-springing power-of-attorney document
• Using a revocable living trust

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.