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Power of attorney..bank accounts

Helena, AL |
Filed under: Estate planning Trusts

If someone is granted power of attorney and the principal added them to their bank accounts to pay their bills etc.Can that person who is holding a power of attorney take the principal off their own account without the principal's knowledge and the power of attorney continue to use it as his/her own? would that be fraud on the power of attorney and the bank?

Attorney Answers 1

Posted

This is a position of trust and the power holder is to protect and preserve the assets under his control not use them for personal benefit. If this is happening, get with an estate litigation attorney immediately to have the power holder removed, demand an accounting and a surcharge action for the return of funds. Do this now.

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Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website is www.sjfpc.com. and his blog is

LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website is www.sjfpc.com. and his blog is <http://frommtaxes.wordpress.com/> Mr. Fromm is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Also, there are no recognized legal specialties under Pennsylvania law. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Fromm limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.

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If the principal's are now deceased,and their estate is fixing to go to probate and everything is going to heirs can they still go after the person who held that power of attorney at that time,not sure what else the person holding power of attorney has taken

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