Will Sleeth, of Gordon & Rees, writes about a Virginia legislative development regarding power of attorney litigation. His article begins as follows:
The Virginia General Assembly passed a law in the 2019 legislative session that authorizes a successful plaintiff to receive an award of attorney’s fees in litigation under the Virginia Uniform Power of Attorney Act, where the court finds that the agent under the power of attorney breached his fiduciary duty.
The law constitutes an addition to Virginia Code Section 64.2-1614, and states as follows:
E. In a judicial proceeding under this chapter, if the court finds that the agent breached his fiduciary duty in violation of the provisions of this chapter, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney fees, to any person who petitions the court for relief under subdivisions A 1 through 8, to be paid by the agent found in violation. This provision applies to a judicial proceeding concerning a power of attorney commenced on or after July 1, 2019.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..