The POA of my mother cashed in her stocks of over 70,000 Is that on her (deceased) last return

Asked 10 months ago - Johnstown, NY

since it was never put in her estate account The POA is not the same as the executrix. There is not communication between the 2 and the estate is very small.

Attorney answers (3)

  1. Robert Miller

    Contributor Level 17

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    Answered . The question is unclear but it appears that an agent (POA) of your now-deceased mother sold your mother's stock either before or after her death, and a different person is now executor of your mother's small estate. Since an agent may only act on the principal's best interests, keeping the proceeds for the agent's own benefit would be a breach of fiduciary duty, if that is what happened. Under such circumstances, the executor would have the right and, indeed, duty to investigate and pursue the proceeds. The executor should consult with a probate attorney for the purpose.
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    Disclaimer: California attorney Robert Miller has practiced for over 45 years and restricts his practice to real estate and probate matters in the Central District of Los Angeles. Any opinion expressed is for general informational purposes only, no attorney-client relationship is intended or created by this answer, and no action or inaction should be contemplated without first employing and consulting with a competent attorney convenient to the questioner.

  2. Steven M Zelinger

    Pro

    Contributor Level 20

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    Lawyers agree

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    Answered . I'm not sure what the question is, but if the agent under the POA cashed in stocks and did not use the money for the benefit of mother or deposit the funds in mother's account that is improper. The executor would have the power to demand the agent under the POA return the funds.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  3. Robert V Cornish Jr.

    Contributor Level 16

    Answered . Depending on how and when the stock was sold, you be facing a procedurally complicated matter given a likely arbitration agreement between your mother and the brokerage firm that held her stock. The brokerage firm should not have allowed the stock be sold most likely. You should sit down with an attorney to discuss the facts more fully.

    The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client... more

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