Legal Question in Wills and Trusts in California
Power of attorney wants to borrow money
My dad is 83 years old and has a living trust. My brother is trustee and has power of attorney for my father. He also givens him financial advice, takes care of a rental property, etc. He is requesting to borrow 300,000 dollars from my father to open a retail store. Would this represent a conflict of interest (legally, ethically)?
My concern is: if he is giving him financial advice, has power of attorney and is trustee of his estate, who will be fairly representing my fathers interests?
If you are an attorney, what would be your advise, to an 83 year old clients, in such a situation?
I have 11 (living) siblings, several of which are capable of performing these tasks.
Note: My brother has been unemployed for 2 years and his financial situation has changed substantially since my father gave him power of attorney.
3 Answers from Attorneys
Re: Power of attorney wants to borrow money
I am going to have to agree that it would be good to get your father to an attorney.
Please contact my office if we can be of assistance.
Re: Power of attorney wants to borrow money
I would get your father to an attorney asap! He needs professional, impartial advice on this.
Re: Power of attorney wants to borrow money
Your father should visit an attorney to preserve and protect his rights. There are serious issues of conflict of interest, for instance, is the loan a good business decision and who will negotiate the terms and rates of interest between your father and brother, etc...
Treat your family in legal matters with the formality you would use with strangers and you will have the same formal understandings and rights and duties rather than decisions based upon emotion.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
