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  1. #1
    Join Date
    Mar 2006
    Location
    Toledo, OH
    Posts
    126

    Question How Can an Executor Obtain Financial Records

    My question involves estate proceedings in the state of: Ohio

    MIL is executor to her mother's estate. Her youngest son had Durable Power of Attorney over her mother (his grandmother). When requested by the Executor to provide documentation of where the money went to while he had POA of her finances-he claims that he is not entitled to cooperate because he was told he didn't have to per his attorney. MIL's sister dropped off copies of receipts to the attorney for proof of her involvment but the copies were just of the top of receipts and the bottoms with the totals that she divided by 2. (Mother was residing with her) Most receipts have no date and full original receipts were not handed in. The sister also claims that her monthly bills were tossed out as they were paid - which I find hard to believe if she had months and years of receipts to turn over.
    The son that had control has not provided anything and his aunt (MIL sister) is covering her own butt.
    When having POA of finances, aren't you suppose to keep an accurate accounting for all that is spent?? And is the money to be spent on principal or just spent because the POA can? I am sure this will be going to probate because quite a bit of money is gone but it isn't a large estate either. And given what bank records that were received - there should have been a lot more money which would have made for a larger estate.
    Any input greatly appreciated.
    Would anyone happen to know if there is a cap out of how much an attorney can charge an estate to go through probate to recover missing funds?? Or is it all hourly??

    Thanks so much

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: How Can an Executor Obtain Financial Records

    Why doesn't the executor obtain a subpoena through the probate court?

    A power of attorney does not, of itself, create accounting duties - but a breach of fiduciary duty by the holder of power of attorney can be addressed through the courts.

    If the executor wants to file a lawsuit, the executor will have to obtain leave from the probate court. The court will presumably want to review and approve the fee agreement. If the attorney's fees are likely to exceed the recovery it may not be a good use of estate funds. Depending on the amounts involved and the policies of the court, it may be possible to litigate on a contingency (percentage of recovery) fee basis.

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