QUESTION
Can a POA cash a CD that their name is not on?
Asked on May 26th, 2013 on Litigation - Oklahoma
More details to this question:
My grandmother has been placed in a nursing home, in the mist of all this she had three to four CD's for both of my sons. Well, my mom and aunt (which are both my grandmother's daughters) have taken it upon themselves and cashed in these CD's. They were for my boys to go to college. Neither of their names were on these CD's. So I am just wondering is there any thing that can be done for them to pay the money back to my kids or not? There was also another CD that was for my mom, my sister and I to split. This CD was also cashed without any of the money coming to myself or my sister. Is there anything that can be done about that one as well?
2 ANSWERS
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You need to go to the police and report a theft from an elder. It is also called elder abuse, grand theft.
Answered on May 27th, 2013 at 9:21 PM
You do not indicate the extent of the authority in the POA. Nor do you indicate whether the CD's were cashed with the proceeds going to the grandmother's care and living expenses in the nursing home or if the proceeds were spent on those who cashed the CD's. That's fairly important information to these circumstances.
Answered on May 27th, 2013 at 9:08 PM