Power of Attorney - May an attorney in fact under a durable power of attorney
transfer assets to himself or herself?
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Question
My ex husband died without getting a chance to sign his will. My
ex husband and I have two minor children together. My ex husband has an
older son to whom power of attorney had been given for medical reasons.
During the brief time that my ex husband was unable to make decisions for
himself and the time he passed away, my stepson acquired all valuable contents
from the home and all financial accounts such as certificates of deposit,
IRA and bank accounts. This was everything except the home itself
which he says has to go to probate. It has been over a month and
I want to know if I have any legal rights as the mother of our two younger
children or does a power of attorney allow allow this. How can I
get more information?
Answer
In Michigan, an attorney in fact under a durable power of attorney is prohibited
from engaging in self dealing unless the power of attorney specifically
authorized it or a court approves it. Generally, an attorney in fact
would not be allowed to change an account from the principal's name to
his or her name unless the power of attorney specifically authorized such
change or the court approved the change. I would recommend that you
consult with an attorney. Once the attorney knows all of the facts,
he or she can advise you how to proceed and what the likely outcome will
be
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Last Updated: 8-9-08
Send your comments, questions and suggestions to Phil Harter at 161
E Michigan Avenue, Battle Creek, Michigan 49014 or e mail to: pharter@calhouncountymi.gov