Legal Question in Banking Law in Maryland

if two daughters are placed on parents savings account, the kind we cant use until their death, and one gains poa in order to go to bank to pay bills and withdraw monies per parents request, and one parent dies, does the poa daughter have the right to transfer balance into her own account without the other daughters signature or knowledge?


Asked on 7/21/12, 11:31 am

1 Answer from Attorneys
Paula McGill Paula McGill Attorney at Law

Based on the facts you provided, it appears the person with the POA has violated her fiduciary duty. The other parent who is still alive can sue the daughter, try to recover the funds, and try to remove her from her position.

In short, those with powers of attorney do not have the right to raid the subject assets and convert them for their own personal use.

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Answered on 7/21/12, 7:03 pm


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