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POA- is it legal for an Agent to move a Principles money into a banking account with only the Agents name on it?

1 Answers. Asked on Feb 09th, 2017 on Elder Law - Pennsylvania
More details to this question:
Agent lives in florida. Principle lives in Pa. Agent decided Principle was incompitant and took control of Principles money. In doing so monies from 2 seperate banks were taken out of Principles accounts and put into Accounts in Agents name. Agent says they are holding these accounts for Principle as POA accounts.
Answers Showing 1 out of 1
Answered on Feb 10th, 2017 at 6:11 AM

Agents under Powers of Attorney have powers governed by the contents of the Power of Attorney document.  Most will give agents the ability to control the principal's finances, including closing accounts and transferring balances to other accounts.  Agents have a fiduciary duty to the Principal.  That duty can be summarized as doing what's in the best interest of the Principal and avoiding self-dealing.  One would need to see the Power of Attorney document to determine the scope of powers given to the agent in question.  It would also be helpful to know how the new accounts are titled.  Did the Agent give him/herself the money or are the accounts title to the agent as POA for the principal?  You should see the advice of an attorney who can ask you questions about the specifics here and give you better guidance. 

I recommend that you seek out a local attorney for a more in depth discussion of the matter. I do not recommend that you take any action steps without such a consult. Act quickly because by waiting, you may lose certain rights and remedies available to you.

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As adults age, they often lose some mental acuity while also facing more physical limitations. These health conditions put senior citizens at greater risk of exploitation and abuse. At the same time, the elderly need to think about their long-term medical and financial needs, and make estate plans to ensure their legacy after they pass away. An elder law attorney can work with seniors and their families to address issues such as advanced directives, powers of attorney, living wills and last wills and testaments. Elder law lawyers can also help families intervene if a guardianship or conservatorship is necessary. And personal injury law firms with experience in elder issues can help victims of elder abuse and nursing abuse take civil and criminal legal actions against their abusers.
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