Legal Question in Wills and Trusts in Florida
Is it legal for a person with power of attorney to transfer money from an investment account to a checking account that is set up as pay on death with the power of attorney as the beneficiary?
3 Answers from Attorneys
A DPOA, durable power of attorney, enables the agent to perform any action which is consistent with the language of the DPOA and fiduciary legal standards. The described transfer of funds to a bank account with a POD in the favor of the attorney-in-fact could be
questioned by other persons who are beneficiaries or heirs, or by the person who executed the DPOA. Legal advice in this specific situation requires a review of documents and details regarding the situation.
A proper answer requires addtional facts. Although he has the power to do it, it may not be appropriate.
It depends on the terms of the power of atorney. That one does lok suspicious and could perhaps be chalanged at some point since it appears to directly benefit the individual in the absence of some intent by the owner.