1. Free Legal Help, Legal Forms and Lawyers. TheLaw.com has been providing free legal assistance online since 1995. Our most popular destinations for legal help are below. It only takes a minute to join our legal community!

    Dismiss Notice

Transfering funds as POA from one account to another

Discussion in 'Power of Attorney & Living Wills' started by fearfeasog, May 16, 2018.

  1. fearfeasog

    fearfeasog Law Topic Starter New Member

    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    1
    Jurisdiction:
    Florida
    Good morning. My mom is in hospice, and I am her POA. she has 2 deposit accounts, and I have POA on both Account A receives her SS check, and I am not co-owner or beneficiary. Account B receives her pension and I AM beneficiary. I'd like to move funds from A to B so that I can pay her bills when she passes (we're talking less than $2000 here.) Can I legally do that now as POA?

    POA is filed with both banks, and I have confirmation paperwork from both.

    thanks, ff
     
  2. mightymoose

    mightymoose Well-Known Member

    Messages:
    9,420
    Likes Received:
    1,257
    Trophy Points:
    113
    I'd say yes, so long as you are not misappropriating the funds it is not an issue. If the money disappears and the bills don't get paid you should expect to draw attention.
     
  3. army judge

    army judge Super Moderator

    Messages:
    28,346
    Likes Received:
    3,401
    Trophy Points:
    113


    Some financial institutions don't honor any POA.

    No law compels a financial institution, an entity, or person to honor a POA.

    I suggest you ask the POA if your ploy would be allowed by the POA.

    If not, simply have your mother write a check from her account making the instrument payable to you.

    You can then use the money to pay her debts, if you wish.

    Legally, any debts a person owes expires upon the life of the person.

    If your mother has a substantial estate, her estate would pay the dents.

    If your mother has no such estate, her debts would simply be extinguished upon the expiration of her life.

    The difficulty here is that no one can predict the date of one's death for natural causes.
     
  4. fearfeasog

    fearfeasog Law Topic Starter New Member

    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    1
    Thanks to all for your replies. I got a call back from the lawyer finally this morning and she said to go ahead and do this. So I did. No problems at the banks.
     
  5. zddoodah

    zddoodah Well-Known Member

    Messages:
    1,689
    Likes Received:
    230
    Trophy Points:
    63
    Answering this question would constitute legal advice, which is illegal for anyone not licensed to practice law in Florida and which would be imprudent for anyone who has not read the POA (note that a "POA" is a documents, so you are not "her POA;" you are the agent or attorney-in-fact pursuant to a POA) and the account documentation.
     

Share This Page