Legal Question in Wills and Trusts in New York
POA transferring funds
My brother has a POA for my parents bank accounts only. Does this allow him to remove cash from their accounts to give to my parents and transfer funds between accounts? Also, he lives in their home with them and is the Executor of the Estate. The will states that upon their demise all of the siblings will share the proceeds from the sale of the home equally. If he refuses to leave the home (he has lived there all of his life) what recourse would we have as he is the Executor? Will it be costly to have him evicted?
2 Answers from Attorneys
Re: POA transferring funds
You are correct, that is what the POA authorizes him to perform.
Regarding the house, he gets no special rights as the executor and can be removed as executor if his performance is inadequate.
You and your siblings will get the benefit of the house and not just the title. You will be able to do something (sell, collect money, etc) from the house.
Re: POA transferring funds
POA allows him to remove money for your parents, following the provisions of the POA. It may also allow him to transfer funds between accounts. When your parents die he, as Executor, must cfarry out the terms of the Will appointinh him. If the Will states the house is sold and proceeds divided, he must sell the house (including moving out) or offer to buy it from the remaining children at fair market value. A suit in the Surrogate's Court charging him with not following the terms of the Will is not too expensive, unless it becomes contested, for which he would some good reason.
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