§ 3-9-114 — Agent's duties

Wyoming § 3-9-114

• Jurisdiction: Wyoming
• Title 03: Guardian and Ward
• Ch. 9: UNIFORM POWER OF ATTORNEY ACT
• Art. 1: General provisions

Text

(a) Notwithstanding any provisions in the power of
attorney, an agent that has accepted appointment shall act:
(i) In accordance with the principal's reasonable
expectations to the extent actually known by the agent and,
otherwise, in the principal's best interest;
(ii) In good faith;
(iii) Only within the scope of authority granted in
the power of attorney.
(b) Except as otherwise provided in the power of attorney,
an agent that has accepted appointment shall:
(i) Act loyally for the principal's benefit;
(ii) Act so as not to create a conflict of interest
that impairs the agent's ability to act impartially in the
principal's best interest;
(iii) Act with the care, competence and diligence
ordinarily exercised by agents in similar circumstances;
(iv) Keep a record of all receipts, disbursements and
transactions made on behalf of the principal;
(v) Cooperate with any person that has authority to
make health care decisions for the principal to carry out the
principal's reasonable expectations to the extent actually known
by the agent and, otherwise, act in the principal's best
interest;
(vi) Attempt to preserve the principal's estate plan,
to the extent actually known by the agent, if preserving the
plan is consistent with the principal's best interest based on
all relevant factors, including:
(A) The value and nature of the principal's
property;
(B) The principal's foreseeable obligations and
need for maintenance of the property;
(C) Minimization of taxes, including income,
estate, inheritance, generation skipping transfer and gift
taxes;
(D) Eligibility for a benefit, program or
assistance under a statute or regulation.
(c) An agent that acts in good faith is not liable to any
beneficiary of the principal's estate plan for failure to
preserve the plan.
(d) An agent that acts with care, competence and diligence
for the best interest of the principal is not liable solely
because the agent also benefits from the act or has an
individual or conflicting interest in relation to the property
or affairs of the principal.
(e) If an agent is selected by the principal because of
special skills or expertise possessed by the agent or in
reliance on the agent's representation that the agent has
special skills or expertise, the special skills or expertise
shall be considered in determining whether the agent has acted
with care, competence and diligence under the circumstances.
(f) Absent a breach of duty to the principal, an agent is
not liable if the value of the principal's property declines.
(g) An agent that exercises authority to delegate to
another person the authority granted by the principal or that
engages another person on behalf of the principal is not liable
for an act, error of judgment or default of that person if the
agent exercises care, competence and diligence in selecting and
monitoring the person.
(h) Except as otherwise provided in the power of attorney,
an agent is not required to disclose receipts, disbursements or
transactions conducted on behalf of the principal unless ordered
by a court or requested by the principal, a guardian, a
conservator, another fiduciary acting for the principal, a
governmental agency having authority to protect the welfare of
the principal or, upon the death of the principal, by the
personal representative or successor in interest of the
principal's estate. If so requested, within thirty (30) days
the agent shall comply with the request or provide a writing or
other record substantiating why additional time is needed and
shall comply with the request within an additional thirty (30)
days.