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Question for the Money Doctors

Question submitted on Sep 16, 2019.

Question

As Power-Of-Attorney, I have paid all of my father's remaining bills from his Credit Union savings account; this leaves a balance of approximately $40,000. He did not have a Will. Can I deplete this account at once and divide the remaining monies amongst the siblings?

Answer

As long as he is alive, the power of attorney remains in force. Once he dies (especially if the bank finds out) that power of attorney is worth nothing. It stops when he passes.

Are you on the account?  That leaves it open and it is all your if it's a joint account. Then you can do whatever you wish.

IF, the siblings received a check signed by your father or you as POA but dated before he passed,  those checks are valid. They can all say they delayed to cash them.  

Please feel free to reach out should you have any questions. 


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