QUESTION
Can I still receive the lump sum if the person has passed and I have power of attorney over that individual?
Asked on Jun 17th, 2013 on Estate Planning - California
More details to this question:
I have power of attorney over my parent and he/she has an investment which will reqiure him/her to call them to confirm everything. What must I do to receive his/her investment earnings when he/she has passed?
20 ANSWERS
A power of attorney becomes null and void upon the passing of the principal except for provisions for final disposition.
Answered on Jun 19th, 2013 at 1:46 PM
Estate Planning Attorney serving Torrance, CA
at
The Law Office of Kelvin Green
Update Your Profile
The POA expires on death and unless the account is payable on death, has a beneficiary or is a joint account would need to be handled under probate laws.
Answered on Jun 17th, 2013 at 9:49 PM
All power of attorney ends at the moment of the person's death so you would have no authority to access those investments unless the accounts specifically listed you as the beneficiary. The executor of a decedent's estate is responsible for filing a notice of death with the firm that holds the investment and for completing any required paperwork. The assets will be released to him/her and he/she will distribute them to the designated beneficiary or heir.
Answered on Jun 17th, 2013 at 9:33 PM
Commercial Contracts Attorney serving Boise, ID
at
Peters Law, PLLC
Update Your Profile
If you are the beneficiary, nothing. If you are not, you will have to open a probate estate.
Answered on Jun 17th, 2013 at 9:32 PM
Whoa.. your power of attorney ceased when the person died. Assuming you are an heir, you must probate the estate giving an accounting of all real and personal property to the court and determine who are the legitimate heirs, following the accounting and the paying of the decedent's debts, etc., then the proceeds of the estate are divided by statute or by his or her will.
Answered on Jun 17th, 2013 at 9:32 PM
2 Awards
Power of attorney expires upon death. You will either need to do a small estate affidavit if the total investment is under $150,000 or you will have to probate his/her estate.
Answered on Jun 17th, 2013 at 9:32 PM
You will need to probate the estate.
Answered on Jun 17th, 2013 at 9:32 PM
A power of attorney 'dies' with the maker. It is no longer valid. To transfer property, you will need to probate the estate.
Answered on Jun 17th, 2013 at 9:32 PM
Business Planning Attorney serving Livonia, MI
at
Frederick & Frederick Attorneys at Law
Update Your Profile
You must open an estate and have a personal representative appointed. The decedent cannot approve anything and your power of attorney terminated upon death. If there is a Will, you should have the nominated personal representative file it with the court.
Answered on Jun 17th, 2013 at 9:31 PM
Probate Attorney serving Newport, OR
at
Minor, Bandonis & Haggerty P.C.
Update Your Profile
Power of attorney does not survive the death of the principal. You will need to probate the decedent's estate.
Answered on Jun 17th, 2013 at 9:31 PM
Trusts Attorney serving Sacramento, CA
at
Law Office of Victor Waid
Update Your Profile
Power of attorney dies at death of person giving the power. Cannot use power of attorney after death.contact the organization who holds the investments as to the procedure to collect the investment earnings.
Answered on Jun 17th, 2013 at 9:30 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Was there a will? How was the investment account titled? Call for an appointment or see another attorney with the details.
Answered on Jun 17th, 2013 at 9:30 PM
Probate Attorney serving New Orleans, LA
at
James G. Maguire
Update Your Profile
Power of attorney ceases at death. After that, it just depends on the terms of the account. It may be payable to you as a beneficiary, or you may have to qualify as the representative of the estate of the deceased account holder.
Answered on Jun 17th, 2013 at 9:30 PM
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
Contact the investment advisor. If it is a payable on death account and you are the beneficiary you need to provide a death certificate Otherwise contact an attorney and file a probate action
Answered on Jun 17th, 2013 at 9:29 PM
I am sorry. Unfortunately powers of attorney end at death. You can not legally use it after death. You may need to start a probate depending on the value and nature of the assets.
Answered on Jun 17th, 2013 at 9:29 PM
Bankruptcy Attorney serving Florissant, MO
at
Law Offices of Thomas Corcoran Phipps
Update Your Profile
It depends on how the investment was titled. If you were on the investment as a co-owner, the company should transfer it to your name. If it was in your parent's name only, it will have to got through probate court. You will have to contact the company and find out how it was titled.
Answered on Jun 17th, 2013 at 9:28 PM
Estate Planning Attorney serving Wilmington, DE
at
Reger Rizzo & Darnall, LLP
Update Your Profile
That now becomes an asset of the Estate. The power of attorney is no longer valid.
Answered on Jun 17th, 2013 at 9:28 PM
3 Awards
A power of attorney dies with the maker. If you are not the named beneficiary and there is no named beneficiary, it will need to go through probate.
Answered on Jun 17th, 2013 at 9:28 PM
Since the person is deceased, you cannot use the Power of Attorney for any purpose whatsoever. Your best approach is to hire an attorney experienced with estate matters to proceed.
Answered on Jun 17th, 2013 at 9:28 PM
Admiralty / Maritime Attorney serving Monrovia, CA
at
The Law Office of Nathan Wagner
Update Your Profile
Powers of attorney only work during the person's lifetime. Once your parent passes away, the power of attorney that they gave you is worthless. To leave the investments to you, the owner (your parent) should name you as the beneficiary of that account.
Answered on Jun 17th, 2013 at 9:19 PM