Legal Question in Wills and Trusts in Pennsylvania
what if any fiduciary responsiblites of the agents have in a power of attorany instrument?
1 Answer from Attorneys
The responsibilties/duties/powers are outlined by the power of attorney. If this is a durable power of attorney for finances, the agent has a duty to manage the finances in any way that the person could do for themselves in a reasonably prudent manner. For example, if the power permits, an agent could invest funds in a solid blue-chip rated stock but could not invest funds in a fly-by-night scam if a reasonably prudent person would not have done this.
The agent has to keep the principal's property separate from the agent's own property and keep very good records of all receipts of income and expenditures for the principal. The agent may or may not (depending on the language in the power of attorney) have to file annual accountings describing what property the agent had and how it was expended. The agents' responsibilities end at death or when the power of attorney is revoked. The agent then provides a final accounting to the personal representative of the estate or to the new agent/principal if the power is revoked. Depending on the language in the power and the relationship of the agent to the principal, the agent may or may not use the power of attorney to make gifts to the agent or member's of the agent's family or to abuse the power in other ways so as to benefit the agent.
Most likely, you are either the agent who is accused of abusing the power of attorney or you are a family member of the principal who is concerned that the agent is taking advantage of the principal. Either way, you should take a copy of the power to an elder care or probate law attorney who practices in the county/state where the power is created or in use and pay the attorney to review and advise.
In the alternative, you can try re-posting with more details about when the power was granted, what kind (health care or finances), and what has happened to prompt you to ask the above question, which may or may not be really what is at issue.