Can someone acting as a power of attorney override the grantor’s wishes?
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Can someone acting as a power of attorney override the grantor’s wishes?
I am 1 of 2 sisters. My sister has POA of my parents who are also both still living and who are physically and mentally healthy. She was given the POA primarily to be able to manage their financial affairs. Recently my parents agreed to co-sign a loan for me. However, after an amount was approved, my sister contacted the bank without my parent’s knowledge and requested that the loan amount be reduced, which it was. I have spoken with my parents and they are in disagreement with her decision and would like to have the original loan amount reinstated. I can’t seem to find a straight answer to resolve this. Do my parents have ultimate authority over my sister’s role as POA?
Asked on February 15, 2013 under Estate Planning, Washington
Answers:
Victor Waid / Law Office of Victor Waid
Answered 11 years ago | Contributor
Your parents have absolute right and authority to revoke or amend their power of attorney, and should do so immediately with a letter certified mail to their daughter, effective now. Do not delay to advise your parents, as the daughter who the power has been entrusted to, has breached her fiduciary duty them, to manage the power according to your parents instructions. You do not need to verbally advise the daughter but should do so when you have received return receipt from the mail showing delivery.
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