The information in this article is based on an interview with Nicole-Anna de Silva, the Chairperson of the Legal Committee of the Bankers Association of Trinidad and Tobago, on the Straight off the BATT live show.
In honour of World Elder Abuse Awareness Day, Nicole-Anna de Silva, the Chairperson of the Legal Committee of the Bankers Association of Trinidad and Tobago joined us live on the Straight off the BATT show to discuss Elderly Abuse & the Power of Attorney. She shared some critical insight into this powerful instrument and how it works. Please note that this information is offered solely for informative and educational reasons and does not represent legal advice.
What is a Power of Attorney?
According to de Silva, a Power of Attorney (“POA”) is a legal instrument by which one person (“the Donor”) grants authority to another person (“the Donee”) to act on his/her behalf in relation to the matters specified in the instrument.
As a Donee, you should act in the best interest of the Donor.
When can someone use a Power of Attorney?
Typically, the actions or transactions covered by the Power of Attorney are specified in the document. Accessing safety deposits, carrying out banking activities like deposits or withdrawals, and buying or selling investments are a few examples.
If the individual issuing the power of attorney is out of the country or unable to physically visit the bank but is still mentally competent to handle their financial matters, they may use a power of attorney.
What is the abuse of the Power of Attorney?
A power of attorney can be misused in a variety of situations, including but not limited to:
- The person appointed to act under the Power of Attorney tries to carry out an action or transaction but is not permitted to do so based on the Power of Attorney’s provisions;
- The Power of Attorney is invalid because the person granting it has died or become mentally incompetent;
- The Power of Attorney is fraudulent and the person acting under it tries to rely on it.
- When a power of attorney has been revoked, the person appointed under it still tries to use it.
Can a Power of Attorney be Rescinded?
Yes, a Power of Attorney may be withdrawn in writing or retracted in the event that the individual designated as its agent passes away or becomes mentally incompetent.
Want to learn more about Power of Attorney? Check out our video below:
We advise all persons within the senior citizen age group to be mindful and inquire about any odd transactions that may have been carried out on their behalf by someone using a Power of Attorney.
This article is based on a discussion with Nicole-Anna de Silva, the Chairperson of the Legal Committee of the Bankers Association of Trinidad and Tobago, on the Straight off the BATT Live Series from the Bankers Association of Trinidad and Tobago. The show aims to help you understand financial literacy and education. Join our mailing list, here.