Legal Question in Wills and Trusts in New York
Responsibility of Power of Attorney
My father sold his house about 1 year before he died. He named my brother as POA. He sold the house and took a ''brokers fee'' although in NY you must be a licensed broker. He was not. He deposited the funds in a POA account and proceeded to convert the account to his name and distribute the proceeds taking the most for himself. Anything wrong here?
1 Answer from Attorneys
Re: Responsibility of Power of Attorney
If he truly took a broker's commission, that is wrong if he is not a licensed professional. If he incurred any expenses, he is entitled to reimbursement, however called. If the POA is silent on fees, he may have taken a fiduciary commission (holder of POA is considered a fiduciary), although this is rarely done, especially in family situations. You do not indicate by how much or percentage allocation was taken from the distribution, but everything is presumed to be equal among the siblings.
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