Q: My father died in summer of 2017. I was POA. Dad has money in bank. How can I access it? Will I be liable for his bills?
I was his power general POA until my father's death. My dad has money in money in his bank. I have a younger brother. How can my brother and I gain access to this money? Also, if we are able to access the money, will we be held accountable for any of his outstanding bills.
As POA, I knew that I could not be held responsible for any of his outstanding bills. I just want to make sure that when we claim this money, we will be protected from dad's bill collectors. Please advise.
A:
A Power of Attorney (POA) automatically terminates upon the Principal's death and the Agent has no authority over any assets at that point. Instead, an estate must be opened and the appointed Personal Representative will have authority to deal with any assets titled in the deceased person's name.
The law gives a priority order for paying obligations out of a deceased person's assets and although money can go towards administrative expenses, generally no assets should be distributed to heirs until the obligations are known. The law sets forth procedures for claims and notifying creditors.
I strongly encourage you to consult with an attorney who can help guide through the process of opening an estate and administering the assets. While an online post cannot offer specific legal advice, I hope this general information helps!
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