Legal Question in Wills and Trusts in Illinois
Power of Attorney
In Dec. 1998, my father gave my sister Power of Attorney. When my father died in June 2000, my sister had spent on herself $200,000 (from Dec. 1998 to June 2000) of my father's money under the power of attorney. Is there legal action I can take against her. I am one of the beneficiaries of his trust.
4 Answers from Attorneys
Re: Power of Attorney
In order to provide competent legal advice concerning the situation you describe I believe that an attorney should first review all the pertinent documents, and investigate what evidence exists, beginning with an interview of you. You may have legal grounds to take action, but you may also forfeit your right to file a lawsuit unless you do so within the time period allowed by law. I concur with the advice of other attorneys who have responded to your post. You need to consult with an attorney as quickly as possible.
Re: Power of Attorney
Yes. You, or the trustee of the trust, or both, can sue her for breach of fiduciary and theft. Call me if you want to do so. Larry Stein. (630) 221-1755.
Re: Power of Attorney
*probably*.
A power of attorney grants A power to use B's assets -- *for B*. They are still accountable to B. In this case, she would be accountable to B (your father's) estate for misuse of assets.
If no probate estate was opened, it may be necessary to open one, then sue on behalf of the estate (which I assume flows into trust). If these were assets owned by the trust, and she misused her power as trustee, the trust or beneficiaries can sue.
You may be getting into time issues, so I would contact an attorney immediately. If I can help you, please contact me.
Jay S. Goldenberg
Attorney and Counselor
221 N. La Salle St.
Suite 2040
Chicago, IL 60601
312-346-7899
http://www.chicplan.com
Re: Power of Attorney
As an attorney-in-fact, she was obigated to spend trust monies consistent with the POA. If she failed to do so, she can be sued by the estate or by trust beneficiaries. Such cases may be difficult to prove. Time may be an issue, given the date of death. You are advised to contact an attorney promptly if you intend to pursue the issue.