Legal Question in Wills and Trusts in Alabama

my father passed away and his wife changed his beneficiaries by power of attorney on his ira she had his sons remove and her daughter made contigent is this legal should the bank let her do this


Asked on 4/20/10, 1:33 pm

2 Answers from Attorneys

James Coleman Murchison & Howard, LLC

This depends on the nature of the power of attorney. The short answer is yes, she can do this. A Power of Attorney is a very potent document, and should be used carefully. THere is a lot of authority that says a Power of Attorney is valid only when used for the benefit of he who gave it. In other words, it can't be used to take money from the person who gave the power of attorney. You need to get to an attorney who can evaluate this situation. Your father's estate or his sons may have a lawsuit against the wife.

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Answered on 4/25/10, 1:50 pm
William Nolan Nolan Elder Law LLC

It depends on a number of things. First, did she make the change while he was still alive or had he already died? Second, was the POA one that granted her that authority? Third,was the POA valid at all or can it be challenged? How much is at stake is also worth considering. If you were named only a contingent beneficiary, there is no assurance that you would've received anything and if the wife/widow rolled it into her own IRA, she can name anyone she wants to. Some issues to consider. Contact me if I can help.

www.NolanElderLaw.com

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Answered on 4/25/10, 1:51 pm


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