I have a question regarding potential fiduciary conflict of interest. An older friend of ours has been recently declared mentally incompetent. The lawyer who set up his living trust is successor trustee and executor of his estate, plus has durable power of attorney for his finance and health. His home will need to be sold so that he can have funds for a decent assisted living arrangement (and not have to go to a state nursing home facility).
The lawyer is also a licensed real estate broker/agent. Would there be a fiduciary conflict of interest if he were to sell our friend’s home? Thank you so much.
It is certainly possible. Attorneys are prohibited from acting as an attorney and a real estate broker in the same transaction.
Moens Law Offices, Chartered
1523 52nd Avenue
Moline, IL 61265