Disposition of assets

[sboczarski]

What is the name of your state (only U.S. law)? NY
Cousin was named Durable POA and cashed bonds and transfered ownership of property to herself before Aunt who gave her POA died. does she need to claim these as assets of the estate at closing during probate?

 

[Dandy Don]

Transferred ownership to whom? If ownership was transferred to someone else, the money/property is theirs and there is no need to report it for probate purposes, since it has been taken out of probate. Cousin needs to provide an accounting with receipts to prove that she spent the monies on her aunt's care, and if she doesn't do this she may be guilty of abuse of power of attorney. You need to be consulting a family law attorney or probate attorney to find out if New York has laws on the books regarding abuse of power of attorney.

DANDY DON IN OKLAHOMA ([email protected])