Recently a Pawnee City man was charged with stealing hundreds of thousands of dollars from his elderly uncle over an eleven-month period. A Nebraska State Patrol investigation revealed that over $600,000 of assets were liquidated by the man. The investigation found that the thief sold land, cashed CD’s, and transferred money out of accounts. The uncle had reportedly issued the man a durable power of attorney.
Durable powers of attorney are good tools. Durable powers of attorney, however, present some risk when they are issued to non-bonded, non-regulated individuals. There are entities in Nebraska that have state or federal authority to act with fiduciary powers. Those entities are found within banks or are independent trust companies, and they are regulated, examined, and bonded. Those entities are run by individuals who have made fiduciary decision making their full-time job.
Before issuing a durable power of attorney to someone to control your assets, you should consider if this is your best option. Please contact the Department (402) 471-2171 if you have a question regarding any bank or trust company using trust powers.