Power of Attorney Modifications (Section 8. IC 30-5-6-4 (P.L. 252-2001))

Effective July 1, 2002, P.L.252-2001 amended Article Five, Chapter Six of the Indiana Code concerning Powers of Attorney. IC 30-5-6-4 (2002). The changes alter the requirements for recording transactions and accounting. Section 4(a)(1) now requires that an attorney keep a complete record of transactions on behalf of the principal for six years after the date of the transaction. Section 4(a)(2) requires that these same records must be kept until they are delivered to the successor attorney, assuming that the conditions of 4(a)(1) have not already been satisfied. Further, 4(c)(5), as amended, requires that requests made of an attorney to produce an accounting in the event of the principal's death must be made not later than nine months after the principal's death.

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