Legal Question in Wills and Trusts in Illinois
A POA closed a $100K savings acct that my uncle opened about 5 - 9 yrs ago and had me listed as sole beneficiary/POD. She did NOT close the other account that had us BOTH listed as beneficiaries/POD. Is this legal? M unlce dies 1 week ago and I beleive she closed the account about 6 weeks ago when he ended up in a nursing home. Uncle had other money ~$300K in other accts to pay bills. We live in Illinois. Thx
2 Answers from Attorneys
It could possibly be a breach of fiduciary duty, but it depends on the specific terms of the POA. Not all POA's are the same. I'd suggest having an attorney review the document and the situation to suggest how you might want to proceed.
An individual acting under a power of attorney has a legal duty to act in the best interests of the disabled principal. The POA couldn't simply have closed the account, she had to move the money somewhere for some specific reason. If the POA won't provide an accounting to the heirs/legatees, she can be compelled to do so. If you have already talked to the POA and she won't provide an accounting, you should seek out the services of an attorney. However, I would encourage you to attempt to establish some dialogue with the POA before moving forward.
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