Legal Question in Wills and Trusts in Illinois
POA /Executor accounting after death
When someone has POA & helps write checks from that person's account, and the person dies, does anyone have the legal right to financial info. prior to their death? From what point is an Executor held accountable for information & must the executor furnish 2-6 yrs of prior banking info to the legatees because of 1st being POA? Does an executor have to seek agreement from legatees about estate decisions? Family members/heirs are contending because of being POA & then executor, they have the right to see all financial documents to prove no monies were taken during time as POA and no ''wrong-doing'' occurred. Can standing on principle & not sharing earlier information because it was personal to the decedant cause executor and/or POA to be fined and go to jail?
1 Answer from Attorneys
Re: POA /Executor accounting after death
If someone believes that funds were misappropriated by an agent acting as power of attorney prior to someone's death, the estate has standing to attempt to recover the assets. However, there must be a valid reason for such an allegation, and not just a "fishing expedition."
You should have an estate planning/probate attorney review the situation and the allegations being posed by the other beneficiaries to see if there is something that should be done proactively at this point.
An executor is generally not held accountible for what happened prior to the death of the individual, unless it becomes evident that he should take action to recover misappropriated assets to the estate (the executor should consult with the estate's attorney to review this type of situation).
I'm assuming from the wording of the posting, that you are both the POA and the executor.
If you have done everything appropriately under the power of attorney, and as executor, it is not likely that there would be any kind of criminal allegations entertained.
My best advice to you is to discuss all of your concerns with an attorney. It sounds like you may have some family conflicts coming down the road, and you want to be sure that you have been well advised of your legal rights.
Good luck to you.