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You file a claim of financial abuse with the police. It does not matter that the person is co-executor of the will. In fact they might be counting on that to intimidate anyone from questioning what they are doing.
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The relevance of the suspect's being a co-executor is what? That this is a person whom your loved one loves and trusts and you hesitate to investigate what he/she has been up to?

Interesting academic question, though. Mulling it over just as a layman, I'm not aware of any legal reason why even someone who's, say, been found guilty of fraud or embezzlement couldn't still be appointed as an executor if that's what the person making the will chooses. The only comfort is that, because wills are public documents, if anything in the will went "astray" there wouldn't be a snowflake's chance of getting away with it.

Be that as it may. Nothing in the will has any bearing whatsoever on the management of a vulnerable elder's finances. If you are acting with POA and you suspect someone of financial abuse of the person you represent, you have no option but to investigate and act. No option. It is your duty. And, if it were to come to light that you had had suspicions and failed to act, you would be seen as being complicit in the abuse.
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I don't think the fact that someone is an executor matters if they are committing financial abuse while the person who granted you poa is alive. While that person is alive, the poa has the duty and authority to protect the subject's financial well being. The poa expires when the person who granted it dies.

More details would be useful.
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