Under Indiana law, an “attorney in fact” shall keep complete records of all transactions entered into by them on behalf of the principal. An “attorney in fact” is the person exercising a power of attorney for somebody (i.e. the “principal”). Attorneys in fact are not required to render an accounting, however, of the transactions, unless ordered by a court or requested by a person authorized to do so by the statute. Pursuant to the power of attorney statute, the principal, a guardian of the principal, a child of the principal, the personal representative of the principal’s estate (if principal is now deceased), or an heir or legatee of the principal may request an accounting. If you suspect foul play or want to “check” on the attorney in fact, the attorneys at Beeman Law are willing to help request an accounting and litigate any foul play or issues uncovered by the accounting. An attorney in fact may be liable for the negligent exercise of the power of attorney or for exercising in the power of attorney in bad faith depending on the circumstances.
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