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The power of attorney no longer has the authority to withdraw money after an individual's death because the power of attorney is only valid during the individual's lifetime. Upon the person's passing, the executor of the deceased person's estate who has been appointed by the court takes over the responsibility of managing the assets. Any unauthorized withdrawals or transactions made by the power of attorney after the individual's death could lead to legal repercussions.
What are the Repercussions for Withdrawing Money Using a Power of Attorney After Death?
Withdrawing money from a deceased person's account using a power of attorney after their death can lead to serious legal consequences. This action is considered unauthorized and may be viewed as theft or fraud. The power of attorney document becomes invalid upon the individual's death, and the appointed person no longer has the legal right to access or manage the deceased's financial accounts.
If a power of attorney is found to have withdrawn money from the deceased's account after their passing, they may face criminal charges. Depending on the amount of money withdrawn and the circumstances surrounding the case, charges could range from misdemeanor theft to felony grand theft. In addition to criminal penalties, the power of attorney may also be held civilly liable for any damages caused by their actions.
In most cases, the power of attorney may be required to return the withdrawn funds to the deceased's estate (unless it was used for the deceased person's expenses such as payment of the medical bills of his last illness or funeral). This restitution is necessary to ensure that the assets are distributed according to the deceased's will or state intestacy laws. Failure to return the money could result in further legal action and penalties.
Furthermore, the power of attorney's actions may be considered a breach of their fiduciary duty. A fiduciary duty is a legal obligation to act in the best interest of the person who granted the power of attorney. By withdrawing money after the individual's death, the power of attorney has violated this trust and may face additional consequences, such as being held personally liable for any losses incurred by the estate.
It is crucial for individuals acting as power of attorney to understand the limits of their authority and to refrain from making any transactions or withdrawals after the grantor's death. Consulting with a legal professional can help clarify any questions about the proper course of action and ensure that the power of attorney acts within the boundaries of the law.
Should you need assistance or representation for or against an agent who has withdrawn money from the bank account after the principal's death, the Law Offices of Albert Goodwin are here for you. You can call us at 212-233-1233 or send us an email at [email protected]. We are located in Midtown Manhattan, New York.
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
