I was designated POD beneficiary, and ten days before the person passed, the POA cashed several CDs without anyone knowing about it. is that legal?
Untitled
An attorney in fact, the individual given authority to act in a Power of Attorney, is limited by the provisions of the power of attorney and by the legal responsibility to act on behalf of his or her principal. A pay on death payee, as they are called in many states, has no legal rights in a depositaccount until the account owner dies, and then only if the account is still in existence and the POD designation has not been changed or revoked.
Without knowing the parties involved and the circumstances, it is quite impossible to give you the answer for which you are looking. If you believe that the attorney in fact has acted in breach of his/her fiduciary responsibility to act within the scope of the power of attorney and on behalf of the principal, you should contact a lawyer to find out what your options are.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
An attorney in fact, the individual given authority to act in a Power of Attorney, is limited by the provisions of the power of attorney and by the legal responsibility to act on behalf of his or her principal. A pay on death payee, as they are called in many states, has no legal rights in a 