Q: What happens to funds from an inheritance check, made out to the principal of a POA, that was deposited into POA account
As my grandmother’s POA, If I opened a savings account, solely in my name,
(to be used for her medical expenses/personal care items)
& deposited an inheritance check made out in my grandmother’s name; what happens to the funds remaining in account after she passes?
A:
I would caution you against depositing a check made payable to your grandmother into an account that is in your name. That will look very much like theft or conversion. And that is the case even if you really only do use the money for your grandmother’s benefit. It is very risky for you.
You should deposit the funds into an account in your grandmother‘s name with yourself registered on the account as her attorney in fact. That will give you the ability to write and sign checks.
The disposition of the funds in your grandmother‘s account after she passes depends in part on whether or not she has a will. If she has a will, then it should pass
according to the terms of her will pursuant to a probate process. If she does not have a will, then there will probably still be a probate process, but the funds will be distributed according to the laws of intestate succession.
As your grandmother’s attorney in fact, you might be able to designate a death beneficiary for her bank account, but I would caution you not to disrupt her estate plan. If she has a will, then the beneficiaries of the account should match the beneficiaries of her will.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.