What is the legalityo f transferring funds with POA after death?
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What is the legalityo f transferring funds with POA after death?
As POA I moved money from a retirement account to my father’s personal account and then to my personal account; the last transaction happened after his death. Are the transfered funds considered part of the estate?
Asked on June 12, 2012 under Estate Planning, Maryland
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. First you need to understand that a Power of Attorney dies with the person for whom it is enacted. So you had no authority to act once your Father passed away. That transfer could result in a breach of fiduciary duty claim by the beneficiaries of his estate. And yes, the funds are part of his estate. Good luck.
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