QUESTION
Why was my mother''s Durable POA able to debit the entire balance of $10,787.00 from a joint checking account where mother=owner and I=beneficiary?
Asked on Jul 02nd, 2012 on Wills and Probate - Arizona
More details to this question:
My mother lived and died in Pensacola, Fl., Escambia county. The Durable POA went into effect 4-5-2012, that day the agent went to the local bank in my mother''s town, showed Durable POA and additional identity/verification, then was permitted by bank to do a Bank Originated Debit whereas the entire balance of my joint account(my mother and I acct.) $10,787.00 was then deposited into one of my mother''s other accounts which was her personal checking account at the same bank bringing it''s balance to $12,670.00. My mother passed away 4-10-2012. Why was the DPOA able to do this since the Durable POA DOCUMENT did not expressly grant this power? Why would the joint account with my mother, upon her death, not have automatically passed to me as the named beneficiary? On that same day, 4-5-2012, the Durable POA while still at the bank, CLOSED this same joint account that was mine and my mothers. fyi: the Durable POA is my sister.
1 ANSWER
She is permitted to do that under the Power of Attorney, in that the account was 100% both of yours. At any time, you could have removed the money, just as your mother could have (or her agent). It does sound like there was some sneaky maneuvering on your sister's part, but it was entirely legal. As your mother's agent, she is responsible to show that she's acted in her mother's fiduciary interest. It may be worth it to speak to a lawyer about this. It's certainly possible that a court could order her to return the money to the joint account.
Answered on Jul 03rd, 2012 at 2:15 PM