Monday, December 4, 2017
The Uniform Power of Attorney Act, which identifies best practices and sets minimum standards for agents working under powers of attorney, has been adopted (or substantially adopted) by four states in 2017, Texas, Wyoming, North Carolina, and New Hampshire, bringing the total number of enactments to 25. Leon LaBrecque, attorney and financial advisor in Michigan, notes that the “uniform act requires the person appointed power of attorney to keep records and to provide an accounting of those records to other family members who are involved with the elderly parent”. The idea behind the act is to ensure that the agent with a power of attorney is accounting to the possible heirs. This can add additional burdens on children taking care of elderly parents. Kathryn Avery, who takes care of her 93-year-old father, said that she is now “required to account for every single dime and to justify every expense”.
See Juliette Fairley, A New Uniform Act Guides Clients Dealing With Aging Parents, Financial Advisor, December 1, 2017.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.