Legal Question in Wills and Trusts in Illinois
can a sibling who has power of attorney use money in the trust for his own personal gain
Asked on 12/26/10, 10:25 am
2 Answers from Attorneys
Gregory Turza
Law Offices of Gregory P Turza
No. For two reasons. Money in a trust is under the control the control of the trustee, not the agent under power of attorney.
But in any case, it is a serious breach of the sibling's duty to the principal to self-deal in assets under the sibling's control. The sibling's duty of undivided loyalty is to the principal. He cannot use the assets to enrich himself.
Happy New Year!
Answered on 12/31/10, 11:17 am
Steve Raminiak
Law Offices of Steve Raminiak, P.C.
Certainly not. While a trustee or agent may be entitled to a reasonable fee for their service, he cannot simply spend another's money on himself. If you suspect wrongdoing, you should talk to a lawyer. Feel free to call me for a free consultation.
Answered on 1/04/11, 10:10 am