A Delaware Court of Chancery vice chancellor has affirmed a master’s report concluding power of attorney for an incapacitated individual starts upon the execution of such an agreement, not when the individual becomes incapacitated. The court’s decision required the son of a du Pont heir to provide a forensic accounting of all transactions conducted on his mother’s behalf upon the execution of a power of attorney agreement.
“A power of attorney becomes effective when accepted by the attorney-in-fact, explicitly or implicitly; it is sufficient evidence of acceptance that the attorney-in-fact exercises the power granted by the power of attorney,” said Vice Chancellor Sam Glasscock III in IMO: The Estate of Paulina du Pont Dean.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]