Baltimore, MD asked in Banking for Maryland

Q: My dad recently passed away he list his sister on one of his bank accounts however now the sister has dementia but her

Daughter is her power of attorney what would happen in a case like this?

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1 Lawyer Answer
Mark Oakley
Mark Oakley
Answered
  • Business Law Lawyer
  • Rockville, MD
  • Licensed in Maryland

A: Your father's sister now owns the funds in the bank account. Her daughter has the authority under the POA to manage the funds for her mother's benefit, and owes a fiduciary duty to her mother to only act in her mother's interest regarding the funds. Depending on how the POA is drafted, the bank may or may not honor it and allow the daughter to access the funds. Hopefully the POA was drafted within the past 10 years or so by a MD lawyer. If the bank will not honor the POA, she should consult a lawyer.

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