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LawTalk
LawTalk, Attorney
Category: Legal
Satisfied Customers: 35374
Experience:  I am a practicing attorney with more than 30 years of experience in the legal field.
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I have power of attorney wife. We had always had a joint

Customer Question

I have power of attorney for my wife. We had always had a joint bank account. She received a treasury bond through inheritance. My poa reads your agent must keep your funds separate from your agents fund. Question is do I have to open up a new account for her or can I use the joint. We have always had a joint account. She's an invalid suffering from breast cancer.She can barely sign her name
Submitted: 1 year ago.
Category: Legal
Expert:  LawTalk replied 1 year ago.

Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

Pursuant to the terms of your obligation as agent under your wife's POA, you are obligated to keep her funds separate from yours. And because funds in a joint account legally belong to each of the co-owners of that account, it would be a violation of your duties as agent to deposit these funds in the joint account.

You can certainly ask her permission to deposit those funds in the joint account, and do long as she is competent and can sign her name on a paper you prepare giving you authority to deposit to the joint account, then you may do so.

Otherwise you will need to open a new account in her name with you as trustee of that account and deposit the funds into this new account.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Kindly, remember to rate my service to you. That is how I am credited for assisting you.

I wish you and yours the best in 2015,

Doug