Legal Question in Banking Law in New Jersey
My boyfriend passed away and his brother got a power of attorney we had cd where I was beneficiary is it legal that bank let him cash them out
Asked on 12/02/16, 8:35 pm
1 Answer from Attorneys
Locksley Wade
Law Office of Locksley O. Wade
A power of attorney is extinguished on death. Therefore, if you were the beneficiary on a CD on deposit with the bank at the time of your boyfriend's death then the CD belongs to you. If the power of attorney was exercised and your name was removed from the CD or the CD was cashed out before your boyfriend's death then it is very likely that you have no claim.
Answered on 12/03/16, 4:48 am
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