Legal Question in Wills and Trusts in Illinois
Fiduciary Relationship
My Uncle made out a Power of Attorney naming my cousin(not is child) as agent, but it had to have a doctor write a letter and attach to become activated. He wrote the P.O.A in 1995 and the doctor activated it in 1998, Did my cousin have a fiducairy relationship as being named agent even though it was not activated. My uncle passed away, and now we find that accounts were changed to benifit the cousin in that period of time.
1 Answer from Attorneys
Re: Fiduciary Relationship
My quick read of your situation is that you are inferring that the accounts in the cousin's name should be shared with others right? After all, if your uncle wanted your cousin to have the accounts, there is no problem. Generally, if someone acts as an agent, and a reasonable person (i.e. the banker) assumes he is, there is paperwork leading a reasonable person to believe there is an agency, then there is a fidiciary duty. There are arguments on both sides, but remember that the court looks at the facts, and actions to determine what is "right" in terms of agents behavior.
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