Legal Question in Wills and Trusts in California
Can a POA legally take over o checking/savings account with two names on it? This person only has POA over one of the names, Joe Smith. Does the phrase make a difference with and/or? Joe Smith and Sally Smith...Joe Smith or Sally Smith.
Can the other person get this account back after the death of the Joe Smith.
Asked on 7/02/11, 7:17 pm
1 Answer from Attorneys
George Shers
Law Offices of Georges H. Shers
Joe and Mary means both must agree to a withdrawal, Joe or Mary means either one can agree. All powers of attorney are terminated when the person dies, as a POA merely allows a third party to make a decision for the benefit of the first party when that person is not able to be there or make the decision. The third party stands in for the 1st, so if the first does not exist there can be no POA.
Answered on 7/02/11, 7:28 pm
Related Questions & Answers
-
What does it mean if my home is in a "in living trust" Asked 7/01/11, 5:09 pm in United States California Probate, Trusts, Wills & Estates