QUESTION
If you are the power of attorney of the checking account what happens when they pass away?
Asked on Jun 19th, 2016 on Social Security Disability - Ohio
More details to this question:
She had put me as her P.O. A. On her checking account . What happens when she passes away ?? Am I responsible for the account ?? What happens to the amount Thats left in the account ?? Thank You
1 ANSWER
A separate POA expires by operation of law when the grantor dies. You POA is invalid for anything.
However, if you are jointly on the acciunt, then technically the money is yours. The devil is in the details.
The money left in the account, if the account is only in the deceased's name. has to go through probate.
Unless you are jointly on the account, you have no responsibility.
Answered on Jun 21st, 2016 at 1:10 PM
Answers do not constitute legal advice and do not create an attorney/client relationship. Call to discuss your particular legal needs.