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An individual/principal signed a P/A appointing an attorney-in-fact. The principal instructed the P/A to withdraw certain amounts of money from principal's bank account for payment of bills and other things. The attorneyin-fact was instructed by the principal to hold these withdrawals of cash for the principal - which the attorney-in-fact has done.

The attorney-in-fact did make these withdrawals in cash ...

but, the principal died.

What happens to that cash?

Note: The principal had no Will, no parent/sister/brother, spouse,children but this attorney-in-fact is the principal's next-of-kin. a nephew.

Submitted: 188 days and 11 hours ago.

Category: Legal

Value: $15

Status: AWAITING CUSTOMER ACTION

North Carolina

Posted by Amber E. 188 days and 11 hours ago.

Info Request

Hello, thank you for contacting us. So that we may assist you further, please tell us what state you are in. This is important because the deceased individual's money is heritable in accordance with the rules of your state, just as any of his property would be. Thanks.

188 days and 11 hours ago.

Reply

North Carolina

Posted by Amber E. 188 days and 11 hours ago.

Answer

Once I replied, I was able to see that the state is North Carolina. In North Carolina, as in most other states, the estate of a person who dies without a will is ordinarily distributed equally among his heirs. Where there are no living spouses, descendants (children, grandchildren) ascendants (parents, grandparents) and no living siblings (sisters, brothers) , then the descendants of siblings (nieces, nephews) are next in line. This would include the nephew, and any other of the deceased individuals nieces and nephews.

The nephew should contact a private attorney and have the succession opened so that he can be placed in possession, along with any other eligible heirs.

Edited by Amber E. on 5/18/2009 at 8:43 PM

188 days and 11 hours ago.

Reply

If there is not enough assets to open an estate, would the cash that was given to the nephew (while he was attorney-in-fact) not remain in his possession and not have to be reported?

Standardly, in NC, when a person dies ... the estate consists of what the decedant has "at that date of death". Since these monies were "cash" and in the possession of the attorney-in-fact at the date of the principal's death, would the cash not now be the ownership of attorney-in-fact?

Answer

No, the cash would not belong to the attorney-in-fact, because the attorney-in-fact is simply an agent of the principal. Whatever the principal has that belongs to the agent during his life is the agent's at his death. It was not a gift. Thus, the money belongs to the estate and should be distributed among the heirs.

If the heir, in this case the nephew, decides to keep the money anyway, then he should understand that the other heirs (if any) and creditors (if any) can file suit against him. If it is a risk he is willing to take, then so be it.

Edited by Amber E. on 5/18/2009 at 8:59 PM

Accepts:
Expert:	Amber E.
Pos. Feedback:	97.5 %
Answered:	5/18/2009

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North Carolina

Info Request

Hello, thank you for contacting us. So that we may assist you further, please tell us what state you are in. This is important because the deceased individual's money is heritable in accordance with the rules of your state, just as any of his property would be. Thanks.

Reply

North Carolina

Answer

Reply

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