Accepted Answer

Yes - the Power of Attorney (POA) looses its authority when the person dies.

The reason is that a Durable Power of Attorney serves the purpose of giving someone (the "agent") the power to act in substitution for the principal (the one who is giving the powers). But when the principal party passes away, they no longer can act on their own behalf and the agent can no longer act for them. The principal no longer owns anything, but the assets become the assets of the next owner. (That could a joint/survivor owner, or a named beneficiary, or the principal's estate.) It is the successor owner who now has power and control over the decedent's former assets.


I hope that it has been at least somewhat helpful. Let me know if you have any followup questions. If none, please remember to click on the ACCEPT link so that I may receive credit for working on this topic with you. (I'd greatly appreciate it!)


Thank you,

Dan

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Expert:	Dan
Pos. Feedback:	99.7 %
Accepts:
Answered:	12/30/2008

Retired JD

Retired attorney, general practice, with an additional background in financial planning,