Is there a financial or legal risk when husband’s ex-wife has durable POA?

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Is there a financial or legal risk when husband’s ex-wife has durable POA?

My husband’s ex-wife still has durable power of attorney even though they have been divorced for over 6 years and we have been married for 4. She lives in Costa Rica (where my husband is from). We live in USA. He finds it convenient for her to keep it as she has agreed to go to the bank in Costa Rica a couple of times in the past several years to conduct business for him. I am concerned about this but don’t know a lot about it. Is there a financial or legal risk here?

Asked on February 22, 2012 under Estate Planning, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Yes, there is both if you think that she will act against his interests and for her own purposes.  If she has a POA then she can transact business in his name as attorney in fact.  So besides the banking issues she can bind him in a legal contract, etc.   You do have recourse against her if that happens but you could be in a big mess before things iron out.  Good luck. 


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