POA and deceased MIL

[cartmom]

What is the name of your state? PA

My brother-in-law had poa over my MIL bank account in PA and a CD in her name. My SIL took care of my MIL after she moved from PA to TN. My SIL has asked repeatedly for the bulk of her money in the account in PA to be transferred to the joint account in TN to help pay for nursing home care and other expenses. MIL has recently died and nothing was done with the monies in PA. There is no mis-trust in the family (that I know of) and her estate will be divided equally among the three children. My question is - for the bank account and CD (matures 6/07) here in PA are the assets frozen as of the time of her death or do we have any time to transfer the monies to the account in TN where my MIL was primary and SIL was joint? We have expenses that need to be paid while we probate her will and sell her home in TN.

 

[Dandy Don]

The executor of the estate needs to ask the bank if the account and the CD have designated beneficiaries. If the answer is yes, the monies go to the designated beneficiaries. If the answer is no then the money goes into the estate account and the bills can be paid from the estate account in whatever state the estate is being probated in (Tennessee, I assume).

DANDY DON IN OKLAHOMA ([email protected])

 

[BlondiePB]

And, the POA is no longer valid. It expired the moment the grantor did (MIL).

 

[cartmom]

Thanks for the quick response. My next question is what constitutes an estate account? MIL and SIL had a joint account in TN. BIL opened the account in PA under MIL's name with him having POA (which is worthless now). We don't even know how the account was set up - BIL HAS TO have control and thinks he knows everything. My husband told his brother & sister to have everything joint and/or beneficiary and for the home that she bought in TN not to be in her name or the mortgage (which she didn't need). Now we have a real mess on our hands trying to back track and straighten things out.

Any idea on how long probate can take if there is no contest to the will in TN?

 

[Dandy Don]

Executor has the authority to find out from the bank exactly what happened to the account that BIL set up with the POA--don't be surprised if he had his own name added as joint account owner therefore resulting in his being paid the money when the death occurred and it passing outside of probate. If he didn't set his name up on the account as beneficiary or joint account owner, then whatever money was in the account at time of death belongs to the estate and executor gets to put that into the estate.

DANDY DON IN OKLAHOMA ([email protected])