If you hold the power of attorney for someone, you may wonder if you have the ability to gift the principal’s property. Maybe you are questioning whether gifts by a family member’s power of attorney are proper. Perhaps you hold power of attorney and are considering a gift to you yourself!
Pursuant to Missouri statute, certain powers of an attorney-in-fact must be specifically set forth in the grant of the power of attorney. This statue specifically states that the ability to make or revoke a gift of the principal’s property must be expressly set forth in the document granting the power of attorney. Even a principal’s verbal authorization to make the gift is not enough. It must be set forth in writing in the power of attorney document. An attorney-in-fact who gifts property without the proper written authorization to do so risks a law suit for breach of fiduciary duty.
If you hold power of attorney and are considering gifting the principal’s property, you should make sure you have the authority to do so. If you believe your attorney in fact or that of a loved one has improperly transferred property, there may be legal recourse available to recover the property. If you have any of these or other concerns over your or someone else’s actions as an attorney-in-fact, you should consult with an attorney.