QUESTION

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

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.
1 ANSWERS
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. 
Report Abuse

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.

Ask a Lawyer

Lawyers from our extensive network are ready to answer your question.

0 out of 150 characters