No they will not be able to access funds. A power of attorney expires on the death of the grantor.
NO! They can not. A Power of Attorney is only valid while the person is alive.
The Power of Attorney expires at the very moment the person expires.
The name of an agent that recieves funds on behalf of someone else to handle financial decisions and act on another persons behalf is commonly known as Power Of Attorney.
Yes, if the person has full power of attorney and the person who gave it is not able to take care of their personal business.
Yes as a rule. It depend if the POA document states that it can be done.
I live in Canada, and it should be the same there as it is here. If you have power of attorney over someones funds, you have the authority to do so with those funds as has been given you under that authority, but there are many ways that one can benefit from doing so, but you can't take anything that isn't yours to take from a paticular person or their estate unless it has been agreed to when you entered into the power of attorney!
Not unless the funds are signed over to them with a form of "Power of attorney", in that case, yes.
Yes. The power of attorney for an attorney in fact is extinguished upon the death of the principal. Therefore, the power of attorney was no longer in effect at all after your grandmother's death. The attorney-in-fact has no authority to remove funds with or without the executor's consent. An AIF who used their authority under a POA after the death of the principal is stealing.
To make certain the attorney-in-fact can account for all the funds handled by the attorney-in-fact on behalf of the principal. To make certain there was no abuse of power, self dealing or mishandling of funds. There should always be a detailed record of everything that came in and everything that went out with corresponding receipts. If there is money missing that cannot be accounted for the AIF can be held personally liable.
No, not unless the individual who is trying to collect the funds has some document that gives them the legal authority to act for the beneficiary. That document is most often a Power of Attorney. However, if the executor has the slightest doubt as to the authority of the person who is trying to collect the funds, she/he should insist on dealing with the beneficiary directly. Distributing funds to the wrong party would create liability on the part of the court appointed executor. You should consult with the attorney who is handling the estate.
The Power of Attorney has a fiduciary duty to the grantor. If they mismanage funds or make poor decisions they can be held liable.
It is not unheard of, the brokerage firm or bank where you do business may be able to set up the trust for you or you may need to hire an accountant, or attorney to handle the yearly gifts as this person would need a power of attorney to access your bank account or to transfer the funds.
No, the relative would need to be included in the will, be named as a beneficiary or power of attorney, or be owed money by the estate. The executor of the estate will be in touch if any funds are available.
Yes. However, the attorney-in-fact must make certain not to commingle funds in the account. The AIF must always keep their own personal funds separate from those of the principal and be prepared to show an accounting if so requested.