Huntsville, AL asked in Probate for Alabama

Q: father deceased, mother recently deceased. I was POA for mother and have joint bank acccounts. I have 2 siblings. can I

disperse money's evenly between us without a lawyer?

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1 Lawyer Answer
Jack T. Carney
Jack T. Carney
Answered
  • Probate Lawyer
  • Birmingham, AL
  • Licensed in Alabama

A: I am sorry for your loss. First, any authority under a Power of Attorney ceases at the death of the grantor of that power. I do not have enough information to provide specific recommendations for you, but perhaps sharing a personal experience will be helpful. When my grandmother passed away, she left left three children. One of the children was a co-owner on her bank accounts. She had no other assets. As that child was a co-owner, the bank considered those remaining funds to belong to that child. However, the child split the account with her siblings and therefore honored my grandmother's wishes. There was no need to probate her Will or take any additional legal action. I should add that if the accounts are significant in size, there may be some gift tax issues (but only if each child's share exceeds $15,000).

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