Sec. 4.1. (a) An attorney in fact is entitled to judicial review and settlement of an account of all transactions entered into by the attorney in fact, whether or not:

(1) the attorney in fact's authority under the power of attorney has been revoked; or

(2) a request for an accounting is made under section 4(c) of this chapter.

(b) Judicial review and settlement of an account is initiated upon the filing of a petition to settle and allow an account. The petition must be filed with the court exercising probate jurisdiction for the county in which the principal resides. Except as otherwise provided by this section, the procedures under IC 30-4-5-14(b), IC 30-4-5-14(c), IC 30-4-5-14(d), and IC 30-4-5-15 applicable to judicial settlement of a trustee's account govern:

(1) the filing of objections; and

(2) all proceedings;

on the petition.

(c) A petition to settle and allow an account must be served upon all the following that are applicable:

(1) The principal.

(2) Any guardian appointed for the principal.

(3) Any successor attorney in fact.

(4) If the principal is deceased and a personal representative has been appointed:

(A) the personal representative;

(B) any other fiduciary of the principal, if applicable; and

(C) any person beneficially interested in the decedent's estate.

(5) If the principal is deceased and a personal representative has not been appointed, the principal's heirs at law.

(6) If the principal is deceased and the principal's will is probated without administration:

(A) the personal representative named in the probated will; and

(B) all persons or entities beneficially interested in the probated will.

(7) Any other person that the court directs.

(d) An attorney in fact is discharged from liability as to the transactions disclosed in the accounting if:

(1) the court reviews and approves the accounting; and

(2) notice of the court's approval of the accounting is provided to:

(A) the principal, if the principal is not deceased; or

(B) the principal's representatives, whether or not the principal is deceased.

(e) In the absence of fraud, misrepresentation, inadequate disclosure, or failure to provide proper notice related to the power of attorney transactions, the discharge from liability under subsection (d) is lawful and binding upon all interested persons:

(1) who would assert an interest on behalf of or through the principal; and

(2) who are:

(A) born or unborn;

(B) notified or not notified; or

(C) represented or not represented.

(f) The filing fee for a petition to settle and allow an account filed under this section is a legitimate expense of the principal or the principal's estate.

As added by P.L.81-2015, SEC.21.