My aunt was POA for my grandmother, her mother. My grandmother had several CDs with her children listed as POD, including my aunt. Prior to my grandmother's death, my aunt changed ownership on the CDs from my grandmother's name to her name. How was she able to do this? What about other children listed as POD?
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As an individual holding a power of attorney for your grandmother, your aunt should not have had the authority under the laws of most states to have changed ownership of CD accounts, particularly to have made herself a co-owner or owner of the funds. This opinion is based on our experience as bankers, and should be verified with a lawyer who will be able to review the power of attorney document and state law to determine whether your aunt acted within her authority or not.
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As an individual holding a power of attorney for your grandmother, your aunt should not have had the authority under the laws of most states to have changed ownership of CD accounts, particularly to have made herself a co-owner or owner of the funds. This opinion is based on our experience as bankers, and should be verified with a lawyer who will be able to review the power of attorney document and state law to determine whether your aunt acted within her authority or not.
