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Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 33006
Experience:  30 years experience in the practice of estate law.
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Should a person who was asked to be a co-executor and POA

Customer Question

Should a person who was asked to be a co-executor and POA for a relative be disqualified for borrowing money against beneficiaries accounts, with hand written note saying if not paid in full to be subtracted from any inheritance?
JA: Can you tell me what state this is in? And just to clarify, what paperwork has been filed?
Customer: Texas. None filed yet, My sister and I were to be co-executors of my mother's estate. While my mother was in my sister's care, (sister was POA), sister borrowed $20,000.00 against mother's account. Signed a note saying money would be paid back at certain monthly amount... if not paid in full at time of death, (if sister preceded mother) balance to be taken from sister's estate, if mother died first, any money's still outstanding would be taken from sister's inheritance (if any). Money was never paid back, sister owes estate $20,000.00.
JA: Has anything been filed or reported?
Customer: not as of yet, I am preparing Small Estate Affidavit to file with Brazoria County
JA: Anything else you want the lawyer to know before I connect you?
Customer: Not that I can think of
Submitted: 1 month ago.
Category: Estate Law
Expert:  Loren replied 1 month ago.

It is a breach of the fiduciary duty of the POA or executor, to borrow money from the principal's account. It could be grounds for a claim of fraud.

Expert:  Loren replied 1 month ago.

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