Thursday, April 28, 2005
In Estate of Herbert v. Herbert, 152 S.W.3d 340 (Mo. Ct. App. 2004), the court held that the statutory prohibition on an agent making gifts to him or herself absent express authorization in the power of attorney applies to a deposit of the principal’s funds by the agent into a joint and survivorship account belonging to the principal and the agent. The court also indicated that oral permission from the principal is not sufficient.
Thanks to Prof. William LaPiana for bringing this case to my attention.