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Absolutely not. That is an abuse of their authority. A POA creates a position of trust where the principal grants power to an agent to sign on her behalf when she is unable or unavailable, or simply for purposes of convenience. An agent under a POA has only those powers set forth in the POA document. Unfortunately, an agent has sweeping authority once the POA document is signed and has access to all the principal's assets. That makes it easy to steal. However, a review of bank records also makes that type of crime easy to prove. The agent's office would be compromised by existence of evidence they used the principal's funds for their own personal use. Even if the principal verbally authorized the personal use the agent would be in a precarious situation if their personal use of the principal's money were to be challenged in court later. If the agent is stealing from the principal it should be brought to the principal's attention so the POA can be revoked. If the principal is not capable of supervising the agent then the situation should be brought to the attention of the authorities. You should consult with an attorney if you have evidence that an agent is stealing from their principal. They could explain your options.
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoThere are limited and unlimited powers of attorney. If I give you a PA to sell my car, that is all that you can do. If I give you an unlimited PA, you can do anything ON MY BEHALF that I could legally do- including take money from a bank account. In years past, when I would be overseas for an extended time, I gave my wife a PA. She could sell the house, buy a car, take out a loan in my name, etc. I trust my wife. If you do not trust the other person, then you may need to reconsider giving them a PA.
Wiki User
∙ 10y agoNO! A power of attorney can only manage an individuals finances for the benefit of the person the power of attorney is on. An agent (as what a power of attorney is called) may in no way comingle funds of the person they are a power of attorney for with their own funds. A power of attorney can not use the money for themselves. If this is done they can be ordered by the court to be removed as the power of attorney. If you know of anyone doing this then this should be reported to the proper authorities as this is unlawful.
Wiki User
∙ 12y agoYes. If an individual gives power of attorney to another person, he/she can do any transaction on behalf of the person who gave the power. So, the person with power of attorney can even withdraw money from the bank account of the person who gave him that power.
Wiki User
∙ 12y agoOf course not, that would be a breach of their fiduciary duties.
Wiki User
∙ 8y agoThe power of attorney has the right to open new bank accounts. However, the assets still belong to the person granting the right.
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What happens if you take money out of deceased dads bank account without power of attorney?
A power of attorney represents a living person, so any power of attorney is no longer valid. They would have to be on the bank account or the executor to legally take the money out.
If you are power of attorney of your parent and your name is not on his bank account can you withdraw the money?
Yes, you can. Please bear in mind that there may be fiduciary issues in this, depending on what you intend. Especially if this concerns a potential inheritance and siblings. Consulting with a local attorney would be an outstanding idea.
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.
Is it against the law to withdraw money from my mothers account although i have power of attorney to maybe give it to someone is it against the law for me to do this if so tell me why?
Power of attorney over your mother's account means that you are allowed to use her money in her best interests. This will usually mean you can not give it to someone else, unless you are paying him for mowing your mother's lawn or something like that. All your accounts can be checked to make sure you are doing the right thing.
Can you still write checks on an account that includes your name after your mothers death with a durable power of attorney?
If you are one of the account holders, yes. You do not need a power of attorney to do so. Also a power of attorney expires on the death of the grantor.
Can a husband that is in prison assign power of attorney to his mother over the joint checking account between him and his wife and can the mother who has power of attorney take money out of the accou?
Yes. The husband can execute a POA making his mother the attorney-in-fact to act on his behalf. The wife should withdraw at least half the funds in the account and deposit it in her own name. She might want to discuss the situation with an attorney if a considerable sum of money is involved. The situation would be intolerable to most wives.Yes. The husband can execute a POA making his mother the attorney-in-fact to act on his behalf. The wife should withdraw at least half the funds in the account and deposit it in her own name. She might want to discuss the situation with an attorney if a considerable sum of money is involved. The situation would be intolerable to most wives.Yes. The husband can execute a POA making his mother the attorney-in-fact to act on his behalf. The wife should withdraw at least half the funds in the account and deposit it in her own name. She might want to discuss the situation with an attorney if a considerable sum of money is involved. The situation would be intolerable to most wives.Yes. The husband can execute a POA making his mother the attorney-in-fact to act on his behalf. The wife should withdraw at least half the funds in the account and deposit it in her own name. She might want to discuss the situation with an attorney if a considerable sum of money is involved. The situation would be intolerable to most wives.
Can a Power of Attorney remove money from a bank account and then put it in there name?
If it is in "THERE" name, No. If it is in "THEIR" name, maybe.
Is A power of attorney valid after the donee has passed away We told her that the power of attorney is no longer valid but she went to bank and took money out How can force her to refund the money?
A Power of Attorney is extinguished upon the death of the person who granted it. If the person who was named in the power of attorney used that power after the death of the grantor then any money withdrawn from the bank account of the deceased must be returned to the heirs. Only a duly appointed administrator/executor has the power to withdraw money from the bank account of the deceased unless there was a joint owner with that power. If an estate was filed this should be reported to the executor or administrator. If no estate has been filed, you could try speaking to a bank officer, bring a copy of the death certificate with you. Explain to them that the owner of the account had died before the bank allowed the withdrawal, and ask them to provide dated proof of the withdrawal. They may or may not comply with your request because you have no legal right to that information. They may take steps through their legal department to rectify the situation. You should report the theft to your district attorney's office, provide them with the proof of death and bank records if possible and follow their advice on how to proceed. You may need to petition the probate court to be appointed administrator of the estate.
Is it legal for a person who has power of attorney to with draw money from an account after the person is deceased in Ohio?
Yes. A Power of Attorney gives the holder of the same, unlimited power in terms of carrying out any kind of activities on the issuer's name. The holder of the power of attorney can act as a proxy to the issuer and carry out banking transactions on his behalf. It is perfectly legal.
Can a wife sign and cash her husband's disability check?
She can if she has power of attorney, also if they have a joint account with either/'or signatures. She cannot if she does NOT have P/A and the account is ONLY in her name. If she wants just cash then the cheque must NOT be signed and put directly into the account with the teller's stamp on it, then she can withdraw the cash with a withdrawal slip from the account that is in both their names..
Can a power of attorney and proprietor both operate an current account?
Yes. Both the owner/proprietor of a bank account and the person to whom they have given power of attorney can operate a bank account. Actually a person with power of attorney is as good as the person (in legal terms) itself and so they both can operate the bank account without any issue.
Can power of attorney cash draw my sister's bank account?
An attorney-in-fact under a Power of Attorney has complete access to the principal's assets including bank accounts.
