Legal Question in Wills and Trusts in Illinois
Beneficiary protection over POA
My grandfather left funds for my sister in a savings account...she was listed as beneficiary on the account. It was clear to several family members that the money was intended for her upon his death. Our uncle, who had POA for my grandfather, withdrew all funds while my grandfather was alive. My sister was never contacted by the bank and my grandfather still has outstanding bills. Does my sister have any rights? Should the bank have at least contacted her? He did have a will. Any advice is appreciated
2 Answers from Attorneys
Re: Beneficiary protection over POA
It depends on what powers the power of attorney gives your uncle. However, your uncle is a fiduciary and can't profit from being your grandfather's agent under the power of attorney. He may be entitled to pay as the agent. There is a lot to consider, including the amount to be recovered. The bank was not obligated to notify your sister since her rights didn't mature until your grandfather died. Please contact me for further discussion.
This answer does not create an attorney-client relationship. It is not to be considered advice, but merely an answer to a question asked. Do not rely on this answer as legal advice.
Re: Beneficiary protection over POA
It would not be the bank's responsibility to notify your sister since she had no lifetime rights. The POA's duties depend on a number of things, once of them being when this happened. The POA statute was actually amended as of 1/1/07 with this sort of thing in mind.
The short answer is your sister might have recourse. She should take all of the information to an attorney to review.
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