durable power of attorney-exculpation clause

[aislen2000]

What is the name of your state?WI The following is included in the Durable Power of Attorney for a Revocable Living Trust:
"My Agent and my Agent's heirs, personal representatives, and assigns are released and forever discharged from all liability to me, my heirs and assigns, the beneficiaries under my will or any trust that I have created or may create, or to any other person, because of any act or failure to act under this Power of Attorney." Would someone please explain to me the purpose of including this and what it means/what protection it offers to the P.O.A? I realize it seems pretty self explanatory, but I would appreciate any input regarding this. Thank you.

 

[Dandy Don]

It's an all-purpose "cover my ass" statement drafted by the POA (or suggested to the agent by the POA) to try to say that the beneficiaries or anyone who may have been shafted or stolen from by the POA might be tempted not to sue, but it is virtually worthless. IF there is evidence that there was some type of illegal activity or financial misdeeds by the POA then it is still open to legal action for recovery of the damages.

DANDY DON IN OKLAHOMA ([email protected])