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Question
explain a durable power of attorney Does it stop when the person dies
Submitted: 313 days and 6 hours ago.
Category: Legal
Value: $15
Status: CLOSED
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Alexandria, Virginia
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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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The information provided is general in nature only and shall not be construed as legal advice or to create an attorney-client relationship. You should always consult with a lawyer in your state.
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Expert:
Dan
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Accepts:
941
Answered:
12/30/2008
Retired JD
Retired attorney, general practice, with an additional background in financial planning,
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