MORE PROTECTION IN POWERS OF ATTORNEYS?

The obligations of an agent under a Power of Attorney include record keeping, the obligation to account and to act in the best interest of the principal. Also under the new rules, the principal may appoint a monitor to receive copies of financial records. NY G.O.L. 5-1509. The agent must submit copies of records to a monitor as well as to a co agent,court evaluator, Guardian, the representative of the principal’s estate and certain government agencies, such as investigative agencies and law enforcement officials. NY G.O.L. 5-1510. Perhaps if the monitor was completely separate from the principal, there could be more protection to the assets of the principal. But the costs of such record keeping and accounting may be considerable and the Power of Attorney was designed to replace the expensive process of Guardianship. So which is the better route?