Legal Question in Wills and Trusts in Kentucky
Assets missing from estate
My Uncle had a POA for my Grandmother for the past 6 years. After she passed away, and the will was read, we discovered that he had spent a $50,000 CD which was willed to myself and my siblings.
There were also other properties which he was to receive in the will, which he had also sold under power of attorney, as well as signed leases and collected royalties from oil and gas under POA.
Does he have a legal obligation to account for the money he has spent under POA?
My grandmother was well to do, and drew royalties, rents and social security each month and was debt free. She also did not have extended hosptial stays or large hospital bills.
2 Answers from Attorneys
Re: Assets missing from estate
I'm assuming your grandmother and uncle lived in Kentucky? I don't know enough about Kentucky law to answer this question. But, you are also assuming that your Uncle acted improperly and without your grandmother's knowledge. In general, unless he was defrauding your grandmother, a person with a financial power of attorney does not have to account for his/her actions. It is assumed that your grandmother had confidence in his decision-making and that he acted in accordance with what was best for her.
I would contact a Kentucky attorney, though, to pursue this farther.
Re: Assets missing from estate
A POA has a fiduciary responsibility to the grantor of the POA. It may be, as Mr. Nidich suggests, that the use of these assets was legitimate, but your uncle should still account for the use of the assets in probate court. Only then can any determination be made as to whether his use was appropriate.
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.
