QUESTION
In NJ can an executor grant a durable power of attorney to his sibling to assist in handling the estate matters?
Asked on Mar 26th, 2014 on Estate Planning - New Jersey
More details to this question:
Executor lives out of state. Wants his sister to execute the necessary transactions with the local NJ banks so that he doesnt need to physically be in NJ. He has already probated the Will and received the short certificates from Somerset County NJ Surrogate. Bank is telling him that he cannot give his sister a DPOA to assist him with the transactions.
1 ANSWER
2 Awards
Yes ! the banks may have an issue with this - but be insistent. I do it all the time for my clients. as the Executor you will still need to sign tax returns, contracts, etc. but the more administrative tasks, such as going to the bank, can be done by someone else via your POA. The bank will most likely not let you pull all of the money out of the account until you either pay estate/inheritance taxes, or prove no taxes are due by obtaining a waiver.
Answered on Apr 08th, 2014 at 3:30 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship