You can become personally liable for breaches of fiduciary duty. Consider the following Guidelines of “DOs” and “DON’Ts” your guiding principles: Your actions are not supervised by any Court. However, the grantor, a successor attorney in fact, or the grantor’s heirs may request that you give an accounting of your activities.
(9) Except as otherwise provided in the power of attorney, an agent is not required to disclose receipts, disbursements, or transactions conducted on behalf of the principal unless ordered by a court or requested in writing by the principal, a guardian, a conservator, another fiduciary acting for the principal, a governmental agency having authority to protect the welfare of the …
Completing the Fact Witness Voucher, Form DOJ-3 (Attachment C): A. When the presence of the fact witness is no longer required, the attorney must complete a Fact Witness Voucher, Form DOJ-3 (see Attachment C). B. The voucher must be filled out completely by the attorney or an assistant, coordinating all information with the fact witness.
The Agent under a Power of Attorney has a fiduciary relationship with the principal that includes the duty to: 1) Exercise the powers for the benefit of the principal; 2) Keep separate the assets of the principal from those of an agent; 3) Exercise reasonable caution and prudence; 4) Keep a full and accurate record of all actions, receipts and disbursements on behalf of the principal.
The Agent under a Power of Attorney has a fiduciary relationship with the principal that includes the duty to: 1) Exercise the powers for the benefit of the principal; 2) Keep separate the assets of the principal from those of an agent; 3) Exercise reasonable caution and prudence;
In the case, Anna Bitschenauer (“Bitschenauer”) named Barbara Louise Tucker (“Tucker”) to serve as her Agent. Bitschenauer had lost all of her family members and trusted Tucker, who had done investing for her in the past.
When you serve as a fiduciary, it’s important to keep detailed records explaining how you acted in that role. This concept is especially important when you act as an Agent under Power of Attorney. Countless fiduciaries have met with woe because they could not produce receipts or provide proper and logical explanations for checks they had written, ...
–Always read and understand the Power of Attorney document before acting under it, and comply strictly with all of its terms. For example, unless the Power of Attorney authorizes gifting, then the Agent can make no gifts of any size without the risk of liability.
A Notice of Hearing. (Form DE-120, Judicial Council) must be sent to persons interested in the estate at least 15 days prior to the hearing. The Notice of Hearing must include the following statement in not less than 10-point boldface type in substantially the following words:
An accounting (unless waivers have been signed by all persons entitled to distribution, a report of administration, consisting of a complete summary of the actions taken by the representative in administering the estate, in narrative form, and.