Legal Question in Wills and Trusts in Virginia
Certificate of Deposit
My husband was named as beneficiary on his mother's certificate of deposits, payable on death to him. Her power-of-attorney, while my mother-in-law was still alive, cashed in these CD's. Was the power-of-attorney able to do this legally?
Asked on 9/10/02, 11:28 pm
1 Answer from Attorneys
Elizabeth Jones
Elizabeth Ann Jones, P.C.
Re: Certificate of Deposit
Yes, if the document that the holder of the power of attorney (attorney in fact) was acting under was a general power of attorney and granted him or her the authority over those CDs. The power that the attorney in fact had would have been the same as if your mother in law had acted herself.
Answered on 9/11/02, 10:05 am
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