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Can a power of attorney borrow off a certificate of deposit if the grantor is not deceased?
Wiki User
∙ 14y ago
The attorney-in-fact under a Power of Attorney cannot do any self-dealing whatsoever. What you suggest would be illegal. If you need a loan from the principal it should be in writing with an unrelated witness and notary signing the promissory note. In that transaction you could not sign for the principal. Your actions as a fiduciary are governed by law. You need to make certain not to act in such a way as to make yourself vulnerable to legal challenges later or accusations of self dealing.
Wiki User
∙ 14y ago
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If there is two names on a CD account at the bank and one dies can power of attorney take the money out?
If the power of attorney represents the deceased, no, they cannot. A power of attorney expires on the death of the grantor.
What if the grantor is deceased does the grantee sign as both on the recorder of deeds?
If the grantor is deceased the land can't be transferred unless the title was legally passed to a new owner through probate. You need to consult with an attorney who specializes in probate and real estate law.
If you become power of attorney for a deceased sibling can you be held responsible for their debt?
No. There seems to be some confusion as a POA becomes null and void upon the death of the grantor. However, the POA grantee is never responsible for the debt of the grantor beyond said grantor's financial assets.
How do i obtain an power of attorney for deceased relative?
A power of attorney ceases upon the death of the grantor. For a deceased person, you must be appointed their executor or representative by a court. Generally, if the person had signficant assets or a complex situation this means you need to open an estate, for persons with few assets, most states have a simpler alternative.
When does a power of attorney dissolve?
When the grantor says it is no longer valid. Or when the grantor is no longer living.
What is the statute of limitation on the power of attorney in Massachusetts?
There is none in Massachusetts, unless specified in the granting document. The grantor can revoke the power of attorney. Also a power of attorney expires on the death of the grantor.
Can the power of attorney close your safe deposit box while you are still living?
If you have given the individual the ability to represent you, yes, they can. Note that a power of attorney ends at the death of the grantor. You need to be careful who you give a power of attorney to and limit it to specific transactions or time frames.
How long does power of attorney last in Michigan?
Until the grantor revokes it. Or the documents specify a date they expire. And after the grantor's death, the power of attorney is no longer valid.
After a power of attorney is signed how long before it is void?
It is valid without expiration unless the document says otherwise. Or the grantor revokes the power of attorney. Also a power of attorney expires on the death of the grantor.
Is there a statute of limitations on power of attorney in the state of New Jersey?
A statute of limitations is related to bringing a law suit. As such, there is no such thing as a statute of limitations related to a power of attorney. The power expires when revoked by the grantor or the death of the grantor.
How long is a Power of attorney for children good for?
Until the death of the grantor. Or the grantor specifically revokes it, which may be the court.
When can a power of attorney be terminated?
At any time the grantor wants to terminate it. It also ends upon the death of the grantor.
