Case Law Update: Power of Attorney
Mother appointed her son and her daughter as co-agents under a Florida durable power of attorney. Suspecting that her brother was mishandling their mother’s affairs, the daughter who was domiciled in New York brought a declaratory judgment action in a Florida court asking for a declaration of her rights as a co-agent and an order for an accounting from her brother. The trial court dismissed the complaint.
In Rosenkrantz v. Feit (Fla. Dist. Ct. App. Dec. 14, 2011), the intermediate appellate court reversed, stating that co-agents under a power of attorney are subject to the same fiduciary principles that apply to co-trustees. Accordingly, the daughter has both the right and a duty to seek an accounting from her brother.
Special thanks to William P. LaPiana (Rita and Joseph Solomon Professor of Wills, Trusts,and Estates, New York Law School) for bringing this case law update to my attention.